Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost Units sold at Retail 175 units @ $ 10.00 = $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 135 units @ $ 19.00 130 units @ $ 9.00 = 1,170 140 units @ $ 19.00 275 units @ $ 7.00 = 580 units 1,925 $ 4,845 275 units
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost Units sold at Retail 175 units @ $ 10.00 = $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 135 units @ $ 19.00 130 units @ $ 9.00 = 1,170 140 units @ $ 19.00 275 units @ $ 7.00 = 580 units 1,925 $ 4,845 275 units
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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