Required information Use the following information for the Exercises below [The following information...
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Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory 185 units @ $11.00=$2,035 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Acquired at Cost Units sold at Retail 145 units $20.00 125 units $20.00 100 units $10.00 1,000 270 unitsa S 9.50 2,565 555 units Totals $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory
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