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Laker Company uses a perpetual inventory system and reported the following January purchases and sales data for its only product. Date Activity Units Info Jan 1 Beginning Inventory 140 units @ $6.00 = $840 Jan 10 Sale 100 units Jan 20 Purchase 60 units @ $5.00 = $300 Jan 25 Sale 80 units Jan 30 Purchase 180 units @ $4.50 $810 Jan 31 Ending Inventory 200 units @? Required: What is the total cost of Goods Available for Sale?

Laker Company uses a perpetual inventory system and reported the following January purchases and sales data for its only product. Date Activity Units Info Jan 1 Beginning Inventory 140 units @ $6.00 = $840 Jan 10 Sale 100 units Jan 20 Purchase 60 units @ $5.00 = $300 Jan 25 Sale 80 units Jan 30 Purchase 180 units @ $4.50 $810 Jan 31 Ending Inventory 200 units @? Required: What is the total cost of Goods Available for Sale?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Laker Company uses a perpetual inventory system and reported the following January purchases and sales data for its only product. Date Activity Units Info Jan 1 Beginning Inventory 140 units @ $6.00 = $840 Jan 10 Sale 100 units Jan 20 Purchase 60 units @ $5.00 = $300 Jan 25 Sale 80 units Jan 30 Purchase 180 units @ $4.50 = $810 Jan 31 Ending Inventory 200 units @? Required: What is the total cost of Goods Available for Sale?
Transcribed Image Text:Laker Company uses a perpetual inventory system and reported the following January purchases and sales data for its only product. Date Activity Units Info Jan 1 Beginning Inventory 140 units @ $6.00 = $840 Jan 10 Sale 100 units Jan 20 Purchase 60 units @ $5.00 = $300 Jan 25 Sale 80 units Jan 30 Purchase 180 units @ $4.50 = $810 Jan 31 Ending Inventory 200 units @? Required: What is the total cost of Goods Available for Sale?
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