Laker company uses a perpetual inventory system. For specific identification, en

Question

Laker company uses a perpetual inventory system. For specific identification, ending inventory cosists of 240 units, where 100 are from the january 30 purchase. 75 are from the january 20 purchase, and 65 are from the beginning inventory.

Date Activities Units acquired at cost Units sold at retail 1-Jan Beginning Inventory 160 units @ $7.20= $1,152 10-Jan Sales 95 units @ 15.20 20-Jan Purchase 230 Units @ 6.20 = 1,426 25-Jan Sales 155 Units @ 15.20 30-Jan Purchase 100 units at 5.20=    520 Totals 490 units                  $3,098 250 Units

Explanation / Answer

Purchased

Cost

Inventory

balance

date Goods

Purchased

Cost

cost of Goods `` Sold

Inventory

balance

Cost Amount Jan 1 160 7.2 1152 Jan 10 95 7.2 684 65 7.2 468 20-Jan 230 6.2 65 7.2 468 230 6.2 1426 25-Jan 155 6.2 961 65 7.2 468 75 6.2 465 30-Jan 100 5.2 65 7.2 468 75 6.2 465 100 5.2 5200 Total 250 1645 240 6133

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