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. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 unitse $8.00 - 880 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals 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.
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. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 unitse $8.00 - 880 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals 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 And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...
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