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 1 Beginning inventory Units Acquired at Cost 165 unitse $9.00 - $1,485 Units sold at Retail Jan. Jan. 10 Sales 125 units @ $18.00 Jan. 20 Purchase 110 units@ $8.00 - 880 Jan. 25 Sales 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
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 1 Beginning inventory Units Acquired at Cost 165 unitse $9.00 - $1,485 Units sold at Retail Jan. Jan. 10 Sales 125 units @ $18.00 Jan. 20 Purchase 110 units@ $8.00 - 880 Jan. 25 Sales 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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