Required information Use the following information for the Exercises below [The following information applies to...
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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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 220 units $14.50-$3,190 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 170 units $23.50 200 units $23.50 170 units $13.50 2,295 340 unitsa S13.00 4,420 730 units Totals $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory
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