Question

In: Accounting

1. Laker Company Reported the following January purchases and sales data for its only product. Date...

1. 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 140 units @ $6 = $840

Jan 10

 Sales 100 units @$15
Jan 20 Purchase 60 units @ $5 = $300
Jan 25 Sales 80 units @ $15
Jan20 Purchase 180 units @ $4 = $720
Totals 380 units

A. Laker uses a periodic inventory system. Calculate COGS and Ending inventory amounts using LIFO, FIFO, and Average Cost:

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ekkarill92 answered 1 year ago
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