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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180units 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 | 140 | units | @ | $ 6.00 | = | $ 840 | ||||
January 10 | Sales | 100 | units | @ | $ 15 | ||||||
January 20 | Purchase | 60 | units | @ | $ 5.00 | = | 300 | ||||
January 25 | Sales | 80 | units | @ | $ 15 | ||||||
January 30 | Purchase | 180 | units | @ | $ 4.50 | = | 810 | ||||
Totals | 380 | units | $ 1,950 | 180 | units |
rev: 10_06_2020_QC_CS-232448
Compute gross profit for the month of January for Laker Company for the four inventory methods.(Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.)
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