Laker Company reported the following January purchases and sales data for Its only product. Activities Units Acquired at Cost 225 units @ $15.00 = $ 3,375 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales Jan. 20 Purchase Jan. 25 Sales 175 units @ $24.0 180 units@ $14.00 = 2,520 210 units @ $24.0e 350 units@ $13.50 = 755 units 4,725 $10,620 Jan. 30 Purchase Totals 385 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory.
Laker Company reported the following January purchases and sales data for Its only product. Activities Units Acquired at Cost 225 units @ $15.00 = $ 3,375 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales Jan. 20 Purchase Jan. 25 Sales 175 units @ $24.0 180 units@ $14.00 = 2,520 210 units @ $24.0e 350 units@ $13.50 = 755 units 4,725 $10,620 Jan. 30 Purchase Totals 385 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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