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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. Date Activities

[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 260 units @ $ 9.20 = $ 2,392
Jan. 10 Sales 145 units @ $ 17.20
Jan. 20 Purchase 330 units @ $ 8.20 = 2,706
Jan. 25 Sales 255 units @ $ 17.20
Jan. 30 Purchase 200 units @ $ 7.20 = 1,440
Totals 790 units $ 6,538 400 units

Required:

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory.

3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)
Perpetual FIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
January 1 260 @ $9.20 = $2,392.00
January 10
January 20
January 25
January 30
Totals

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