5.1.pdf - Laker Company reported the following January...

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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 205 units @ $13.00 = $ 2,665 Jan. 10 Sales 165units@ $ Jan. 20 Purchase 140 units @ $12.00 = 1,680 Jan. 25 Sales 145units@ $ Jan. 30 Purchase 310 units @ $11.50 = 3,565 Totals 655 units $ 7,910 310The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 22.00 22.00 units

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