Question: 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 160 units @ $ 7.20 = $ 1,152
Jan. 10 Sales 95 units @ $ 15.20
Jan. 20 Purchase 230 units @ $ 6.20 = 1,426
Jan. 25 Sales 155 units @ $ 15.20
Jan. 30 Purchase 100 units @ $ 5.20 = 520
Totals 490 units | $ 3,098 | 250 units
Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 100 are from the January 30 purchase, 80 are from the January 20 purchase, and 60 are from beginning inventory.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)