"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO." Date Activities Units Acquired at Cost Units sold at Retail Units "Cost per unit" Total cost Units Selling price per unit Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $ 5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700

"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO." Date Activities Units Acquired at Cost Units sold at Retail Units "Cost per unit" Total cost Units Selling price per unit Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $ 5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700

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Description: "Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO."Date Activities Units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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