Calculate the cost assigned to ending inventory

Question

Jan. 1 beginning inventory 300 units @ 10.00 = $3,000

Jan. 10 sales (units sold at retail) 165 units @$18.00

Jan. 20 purchase 370 units @ $9.00=3,330

Jan. 25 Sales (units sold at retail) 295 units @ $18.00

Jan. 30 Purchase 240 units @$8.00=1920

Totals = 910 units $8,250 and 460 units

Laker Company uses a perpertual inventory system. For specific identification, ending inventory consists of 450 units, where 240 are from the January 30 purchase, 8- are from the January 20 purchase, and 130 are from beginning inventory.

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.