Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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