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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 206 units, where 180
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 206 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 21 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 143 units @ $ 6.00 = $ 858 January 10 Sales 97 units @ $ 15.00 January 20 Purchase 63 units @ $ 5.00 = 315 January 25 Sales 83 units @ $ 15.00 January 30 Purchase 180 units @ $ 4.50 = 810 Totals 386 units $ 1,983 180 units Assume the perpetual inventory system is used. Required: Compute gross profit for the month of January for Laker
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