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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification,
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 218 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 33 are from beginning inventory. Date Activities Jan. 1 Beginning inventory bok Jan. 10 Sales Units Acquired at Cost Units sold at Retail 149 units @ $6.00 $ 894 ences Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 91 units @ $15.00 69 units @ $5.00- 345 89 units @ $15.00 180 units @ $4.50= 398 units 810 $2,049 180 units
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