Laker Company reported the following January purchases and sales data for its on
ID: 2380663 • Letter: L
Question
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 350 units @ $ 11.00 = $ 3,850
Jan. 10 Sales 190 units @ $ 19.00
Jan. 20 Purchase 420 units @ $ 10.00 = 4,200
Jan. 25 Sales 345 units @ $ 19.00
Jan. 30 Purchase 290 units @ $ 9.00 = 2,610
Totals 1,060 units $ 10,660 535 units
Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the January 30 purchase, 80 are from the January 20 purchase, and 155 are from beginning inventory.
Fill in Empty Yellow Boxes:
Jan 25, 2 boxes in Cost of goods sold
Jan 25, 1 box in Inventory Balance
January 30, 1 box in inventory balance
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Explanation / Answer
1/25
160, 0
185
1/30
0
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