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. Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 = 1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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. Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 = 1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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