The following information applies to the question. Complete the table determine the cost assigned to ending inventory and cost of goods using specific identification
| 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 |
220 |
units |
@ |
$ |
8.40 |
= |
$ |
1,848 |
|
|
|
|
|
|
|
| Jan. |
10 |
Sales |
|
|
|
|
|
|
|
|
|
125 |
units |
@ |
$ |
16.40 |
|
| Jan. |
20 |
Purchase |
290 |
units |
@ |
$ |
7.40 |
= |
|
2,146 |
|
|
|
|
|
|
|
| Jan. |
25 |
Sales |
|
|
|
|
|
|
|
|
|
215 |
units |
@ |
$ |
16.40 |
|
| Jan. |
30 |
Purchase |
160 |
units |
@ |
$ |
6.40 |
= |
|
1,024 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Totals |
670 |
units |
|
|
|
|
$ |
5,018 |
|
340 |
units |
|
|
|
|
Required:
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 160 are from the January 30 purchase, 80 are from the January 20 purchase, and 90 are from beginning inventory.