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[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
[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 | 260 | units | @ | $ | 9.20 | = | $ | 2,392 | |||||||
Jan. | 10 | Sales | 145 | units | @ | $ | 17.20 | ||||||||||
Jan. | 20 | Purchase | 330 | units | @ | $ | 8.20 | = | 2,706 | ||||||||
Jan. | 25 | Sales | 255 | units | @ | $ | 17.20 | ||||||||||
Jan. | 30 | Purchase | 200 | units | @ | $ | 7.20 | = | 1,440 | ||||||||
Totals | 790 | units | $ | 6,538 | 400 | units | |||||||||||
Required:
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory.
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