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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 190 units @ $ 7.80 = $ 1,482 Jan. 10 Sales 110 units @ $ 15.80 Jan. 20 Purchase 260 units @ $ 6.80 = 1,768 Jan. 25 Sales 185 units @ $ 15.80 Jan. 30 Purchase 130 units @ $ 5.80 = 754 Totals 580 units $ 4,004 295 units Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 130 are from the January 30 purchase, 80 are from the January 20 purchase, and 75 are from beginning inventory.

17. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.