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

Perpetual FIFO:

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