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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 225 units @ $ 15.00 = $ 3,375 January 10 Sales 175 units @ $ 24.00 January 20 Purchase 180 units @ $ 14.00 = 2,520 January 25 Sales 210 units @ $ 24.00 January 30 Purchase 385 units @ $ 12.00 = 4,620 Totals 790 units $ 10,515 385 units Assume the perpetual inventory system is used. Required: Complete the table to determine the cost assigned to end
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