Laker Company reported the following January purchases and sales data for its only product. The Company...
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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January se Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 150 units. $7.50 se units 200 units 430 units $5.50 6.00 $ 1,125 520 1,200 $2.45 Units sold at Retail 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profa? 110 units ve units 200 units Required: 1. Compute gross profit for the month of January for Laker Company for the four triventory methods. 2. Which method yields the highest gross profit? • $16.50 $16.50 Complete this question by entering your answers in the tabs below. Por 1 Comp profit for the manth of January for Lakar Compa for the fear intent final silary cost of piss HRE CABER COMPANY 31 Req 2104 >> Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January se Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 150 units. $7.50 se units 200 units 430 units $5.50 6.00 $ 1,125 520 1,200 $2.45 Units sold at Retail 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profa? 110 units ve units 200 units Required: 1. Compute gross profit for the month of January for Laker Company for the four triventory methods. 2. Which method yields the highest gross profit? • $16.50 $16.50 Complete this question by entering your answers in the tabs below. Por 1 Comp profit for the manth of January for Lakar Compa for the fear intent final silary cost of piss HRE CABER COMPANY 31 Req 2104 >>
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