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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 160 units @ $8.50 = $1,360 Units sold at Retail 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units @ $7.50 = 750 120 units @ $17.50 220 units @ $7.00 = 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal pla Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance Cost per # of units Inventory unit Balance 160 @ $ 8.50 = $ 1,360.00 January 1 January 10 120 @ $ 8.50 11 $ 1,020.00 40 @ $ 8.50 = $ 340.00 January 20 100 @ $ 7.50 $ 8.50 = 40 @ 100 @ $ 7.50 = $ 340.00 750.00 $ 1,090.00 January 25 120 @ $ 8.50 $ 7.50 $ 1,020.00 0.00 $ 1,020.00 $ 8.50 = $ 7.50 = = 30 @ $ 225.00 $ 225.00 January 30 220 @ $ 7.00 $ 8.50 $ 7.50 $ 7.00 = 30 @ 220 @ = 225.00 1,540.00 Totals $ 2,040.00 $ 1,765.00