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[The following information applies to the questions displayed below.] 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 200 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	150	units	@	$ 7.50	=	$ 1,125
January 10	Sales							110	units	@	$ 16.50
January 20	Purchase	80	units	@	$ 6.50	=	520
January 25	Sales							90	units	@	$ 16.50
January 30	Purchase	200	units	@	$ 6.00	=	1,200
	Totals	430	units				$ 2,845	200	units

Perpetual: Inventory costing methods LO P1

Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.