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Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan.

Laker Company reported the following January purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units sold at Retail

Jan. 1 Beginning Inventory 350 units @ $ 11.00 = $ 3,850

Jan. 10 Sales 190 units @ $ 19.00

Jan. 20 Purchase 420 units @ $ 10.00 = 4,200

Jan. 25 Sales 345 units @ $ 19.00

Jan. 30 Purchase 290 units @ $ 9.00 = 2,610

Totals 1,060 units $ 10,660 535 units

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the January 30 purchase, 80 are from the January 20 purchase, and 155 are from beginning inventory.

Fill in Empty Yellow Boxes:

Jan 25, 2 boxes in Cost of goods sold

Jan 25, 1 box in Inventory Balance

January 30, 1 box in inventory balance

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

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