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. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units@ $7.50 = $1,125 110 units @ $16.50 80 units@ $6.50 - 90 units @ $16.50 Jan. 30 Purchase 200 units@ $6.00 = 1,200 430 units $ 2,845 Date Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 520 Totals 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance $ 150 @ $ 7.50 = 1,125.00 January 1 January 10 110 @ $ 7.50 $ 825.00 40 @ $ 7.50 = $ 300.00 January 20 80 @ $ 6.50 40 @ $ 7.50 - $ 6.50 = $ 300.00 520.00 80 @ $ 820.00 January 25 @ $ 0.00 @ $ 7.50 $ 6.50 $ 7.50 = $ 6.50 = 0.00 January 30 200 @ $ 6.00 0 @ $ 7.50 $ 6.50 $ 6.00 e) Totals