Required Information Use the following information for the Exercises 3-7 below. (Algo) [The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending Inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning Inventory. Date January 1 January 10 January 20 January 25 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
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Help please, I dont know why I cant figure out what I am going wrong. Is there a way to understand how to know the information to be used?

Required Information
Use the following information for the Exercises 3-7 below. (Algo)
[The following Information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. For specific Identification,
ending Inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units
from beginning Inventory.
Date
January 1
January 10
January 20
January 25
Sales
January 30
Activities
Beginning inventory
155 units
Units Acquired at Cost
$ 8.00 =
Units sold at Retail
$ 1,240
Sales
Purchase
115 units
@
$ 17.00
90 units
$ 7.00 =
630
95 units
@
$ 17.00
Purchase
Totals
210 units
$ 6.50 =
1,365
455 units
$ 3,235
210 units
Transcribed Image Text:Required Information Use the following information for the Exercises 3-7 below. (Algo) [The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending Inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning Inventory. Date January 1 January 10 January 20 January 25 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units
Goods Purchased
Date
# of units
Cost per
unit
# of units
sold
January 1
January 10
90 at
$ 7.00
January 20
Total January 20
January 25
Total January 25
January 30
Totals
Perpetual FIFO:
Cost of Goods Sold
Inventory Balance
Cost per
unit
Cost of Goods
Sold
# of units
Cost per
unit
Inventory Balance
155
at
$ 8.00 = $ 1,240.00
115 at
$ 9.00
=
$ 1,035.00
40 at
$ 8.00 = $
320.00
95 at
$ 8.00 = $
19
760.00
95 at
$ 7.00 =
665.00
$
1,425.00
95
at
$ 8.00 =
$
760.00
at
$ 8.00
95
1
at
$ 7.00 =
665.00
at
$ 7.00 =
$ 1,425.00
Transcribed Image Text:Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00
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