1. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

2. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Units Acquired at Cost 195 units @ $ 12.00 = $ 2,340 155 units @ $ 21.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 120 units @ $ 11.00 = 1,320 135 units @ $ 21.00 @ $ 10.50 = 290 units 605 units 3,045 $ 6,705 290 units