[The following information applies to the questions displayed below.]

Laker Company reported the following January purchases and sales data for its only product.

Date		Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1	Beginning inventory	320	units	@	$	10.40	=	$	3,328
Jan.	10	Sales										175	units	@	$	18.40
Jan.	20	Purchase	390	units	@	$	9.40	=		3,666
Jan.	25	Sales										315	units	@	$	18.40
Jan.	30	Purchase	260	units	@	$	8.40	=		2,184
		Totals	970	units					$	9,178		490	units

Required:

1.	Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)

Specific Identification
	Available for Sale			Cost of Goods Sold			Ending Inventory
Purchase Date	Activity	Units	Unit Cost	Units Sold	Unit Cost	COGS	Ending Inventory- Units	Cost Per Unit	Ending Inventory- Cost
Jan. 1	Beginning inventory	320
Jan. 20	Purchase	390
Jan. 30	Purchase	260
		970				$0			$0

plese explain the answers