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Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 260 units @
Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 260 units @ $9.20 = $2,392 145 units @ $17.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 330 units @ $8.20 = 2,706 255 units @ $17.20 200 units @ $ 7.20 = 1,440 Totals 790 units $6,538 400 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) 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 260 S 9.20 = $ 2,392.00 January 1 January 10 January 20 January 25 January 30 Totals
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