Data
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.
Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 140 units @ $ 6 = $ 840
Jan. 10 Sales 100 units @ $ 15
Jan. 20 Purchase 60 units @ $ 5 = 300
Jan. 25 Sales 80 units @ $ 15
Jan. 30 Purchase 180 units @ $ 4.5 = 810
Totals 380 units $ 1,950 180 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.