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Jan. 1 beginning inventory 300 units @ 10.00 = $3,000
Jan. 10 sales (units sold at retail) 165 units @$18.00
Jan. 20 purchase 370 units @ $9.00=3,330
Jan. 25 Sales (units sold at retail) 295 units @ $18.00
Jan. 30 Purchase 240 units @$8.00=1920
Totals = 910 units $8,250 and 460 units
Laker Company uses a perpertual inventory system. For specific identification, ending inventory consists of 450 units, where 240 are from the January 30 purchase, 8- are from the January 20 purchase, and 130 are from beginning inventory.
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