Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	240	units	@	$ 16.50	=	$ 3,960
January 10	Sales							190	units	@	$ 25.50
January 20	Purchase	170	units	@	$ 15.50	=	2,635
January 25	Sales							190	units	@	$ 25.50
January 30	Purchase	380	units	@	$ 15.00	=	5,700
	Totals	790	units				$ 12,295	380	units

Required: 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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

Perpetual LIFO:

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

240

at

$16.50

=

$3,960.00

January 10

January 20

Total January 20

January 25

Total January 25

January 30

Totals