Ch 5 practice

Exercise 5-3 Perpetual: Inventory costing methods LO P1 [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 115 units $16.00 195 units@$16.00 Units Acquired at Cost ate Jan 1 Beginning inventory 200 units @ $8.00= $1.600 Jan 10 Sales Jan. 20 Purchase Jan 25 Sales Jan. 30 Purchase es 270 units @ $7.00 = 140 units @$6.00= 610 units 1.890 840 $4.330 Totals 310 units Required The company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units where 140 are from the January 30 purchase. 80 are from the January 20 purchase, and 80 are from beginning inventory system. For specific identification, ending in