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	215	units	@	$	14.00	=	$	3,010
Jan.	10		Sales										165	units	@	$	23.00
Jan.	20		Purchase	160	units	@	$	13.00	=		2,080
Jan.	25		Sales										190	units	@	$	23.00
Jan.	30		Purchase	330	units	@	$	12.50	=		4,125
			Totals	705	units					$	9,215		355	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Exercise 5-3 Perpetual: Inventory costing methods LO P1