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

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. Units Acquired at Cost 145 units @ $7.00 = $1,015 Units sold at Retail 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 units @ $6.00 = 420 85 units @ $16.00 $5.50 = 190 units@ 405 units 1,845 $2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Date units unit sold unit Sold # of units unit January 1 January 10 105 @ $ 7.00 = $ 735.00 145 @ 4 0 @ 40 @ 70 @ $ 7.00 - $ 7.00 = $ 7.00 - $ 6.00 = Balance $ 1,015.00 $ 280.00 $ 280.00 420.00 $ 700.00 January 20 70 @ $ 6.00 January 25 $ @ @ $ 7.00 $ 6.00 = = 0.00 0.00 @ @ $ $ 7.00 = 6.00 = January 30 190 @ $ 5.50 @ @ @ $ $ $ 7.00 6.00 5.50 190 = 1,045.00 $ 1,045.00 S 735.00 Totals