"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system.

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

Date Activities Units Acquired at Cost Units sold at Retail

Units "Cost

per unit" Total cost Units Selling price per unit Total Sales

January $01$ Beginning inventory $140$ $$6\mathrm{.}00$ $$840$

January $10$ Sales $100$ $$15\mathrm{.}00$ $$1,500$

January $20$ Purchase $60$ $$5\mathrm{.}00300$

January $25$ Sales $80$ $$15\mathrm{.}00$ $$1,200$

January $30$ Purchase $180$ $$4\mathrm{.}50810$

$$ Totals $380$ $$1,950180$ $$2,700$

Perpetual FIFO Cost of Goods Sold $-$ Jan $10$ Cost of Goods Sold $-$ Jan $25$ Ending Inventory

Units available Units "Cost

per unit" Cost of goods sold Units "Cost

per unit" Cost of goods sold Units "Cost

per unit" Inventory

$140$ units from beginning inventory $$6\mathrm{.}00$ $$6\mathrm{.}00$ $$6\mathrm{.}00$

$60$ units purchased on January $20$ $$5\mathrm{.}00$ $$5\mathrm{.}00$ $$5\mathrm{.}00$

$180$ units purchased on January $30$ $$4\mathrm{.}50$ $$4\mathrm{.}50$ $$4\mathrm{.}50$

Totals $0$ $$0\mathrm{.}000$ $$0\mathrm{.}000$ $$0\mathrm{.}00$