Assignment
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 240 units @ $ 8.80 = $ 2,112 Jan. 10 Sales 135 units @ $ 16.80 Jan. 20 Purchase 310 units @ $ 7.80 = 2,418 Jan. 25 Sales 235 units @ $ 16.80 Jan. 30 Purchase 180 units @ $ 6.80 = 1,224 Totals 730 units $ 5,754 370 units Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 180 are from the January 30 purchase, 80 are from the January 20 purchase, and 100 are from beginning inventory.