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 320 units @ $ 10.40 = $ 3,328 Jan. 10 Sales 175 units @ $ 18.40 Jan. 20 Purchase 390 units @ $ 9.40 = 3,666 Jan. 25 Sales 315 units @ $ 18.40 Jan. 30 Purchase 260 units @ $ 8.40 = 2,184 Totals 970 units $ 9,178 490 units Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 480 units, where 260 are from the January 30 purchase, 75 are from the January 20 purchase, and 145 are from beginning inventory.

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