#3

Laker Co reported the following January purchases and sales data for its only product Jan 1 Beg. Inventory 200 @ $7.00 = $1,400 Jan 10 Sales 160 @ $18.00 = $2,880 Jan 20 Purchase 150 @ $6.80 = 1,020 Jan 25 Sales 100 @ $18.00 = 1,800 Jan 30 Purchase 100 @ $6.00 = 600 450 units $3,020 260 units $4,680 Calculate the ending inventory as of Jan 31st using the LIFO valuation method. Calculate the cost of goods sold for the month of January