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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 4. Determine the
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Total Sales Units Sold at Retail Selling price per Units Cost per unit Total cost Units unit January 01 Beginning inventory 205 $13.00 $2,665.00 January 10 January 20 Sales Purchase 165 $22.00 $3,630.00 140 $12.00 $1,680.00 January 25 Sales 145 $22.00 $3,190.00 January 30 Purchase Totals 310 655 $11.50 $3,565.00 $7,910.00 310 $6,820.00 Perpetual LIFO Units available Cost of Goods Sold - Jan 10 Units Cost Cost of per unit goods sold Units Cost of Goods Sold - Jan 25 Cost Cost of Ending Inventory Units Cost Inventory per unit goods sold per unit 205 units from beginning inventory 140 units purchased on January 20 310 units purchased on January 30 $13.00 $13.00 $13.00 $12.00 $12.00 $12.00 $11.50 $11.50 $11.50 Totals $0.00 0 $0.00 0 $0.00
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