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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 270 units from the
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 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 180 units @ $ 10.50 = $ 1,890 January 10 Sales 140 units @ $ 19.50 January 20 Purchase 110 units @ $ 9.50 = 1,045 January 25 Sales 130 units @ $ 19.50 January 30 Purchase 270 units @ $ 9.00 = 2,430 Totals 560 units $ 5,365 270 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 270 units fro
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