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Laker Company reported the following January purchases and sales data for its only product. (3&4)...

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Accounting

Laker Company reported the following January purchases and sales data for its only product. (3&4)

Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 140 units @ $ 6.00 = $ 840
Jan. 10 Sales 100 units @ $ 15
Jan. 20 Purchase 60 units @ $ 5.00 = 300
Jan. 25 Sales 80 units @ $ 15
Jan. 30 Purchase 180 units @ $ 4.50 = 810
Totals 380 units $ 1,950 180 units

Required:

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

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3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: ds Purcha ost of nvento alan Cost per unit Cost per unit Cost of Goods Sold | # of units counter Cost per Inventory Balance # of units Date units SO January 1 January 10 January 20 140 @ $ 6.00 $840.00 January 25 January 30 Totals

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