Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

Laker Company reported the following January purchases and sales data for its only product.

Date			Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	230	units	@	$	15.50	=	$	3,565
Jan.	10		Sales										180	units	@	$	24.50
Jan.	20		Purchase	190	units	@	$	14.50	=		2,755
Jan.	25		Sales										220	units	@	$	24.50
Jan.	30		Purchase	360	units	@	$	14.00	=		5,040
			Totals	780	units					$	11,360		400	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.