Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 210 units @ $13.50 = 150 units @ $ 12.50 = 340 units @ 700 units $ 12.00- $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail @ 160 units 180 units 340 units $ 22.50 $ 22.50
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 210 units @ $13.50 = 150 units @ $ 12.50 = 340 units @ 700 units $ 12.00- $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail @ 160 units 180 units 340 units $ 22.50 $ 22.50
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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