Business, 24.12.2019 22:31 annafellows
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 215 units @ $ 14.00 = $ 3,010
jan. 10 sales 165 units @ $ 23.00
jan. 20 purchase 160 units @ $ 13.00 = 2,080
jan. 25 sales 190 units @ $ 23.00
jan. 30 purchase 330 units @ $ 12.50 = 4,125
totals 705 units $ 9,215 355 units
the company uses a perpetual inventory system. for specific identification, ending inventory consists of 350 units, where 330 are from the january 30 purchase, 5 are from the january 20 purchase, and 15 are from beginning inventory.
required:
1. complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Answers: 1
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Laker company reported the following january purchases and sales data for its only product.
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