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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	260	units	@	$	9.20	=	$	2,392
Jan.	10	Sales										145	units	@	$	17.20
Jan.	20	Purchase	330	units	@	$	8.20	=		2,706
Jan.	25	Sales										255	units	@	$	17.20
Jan.	30	Purchase	200	units	@	$	7.20	=		1,440
		Totals	790	units					$	6,538		400	units

Required:

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory. 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Jan. 1 Beginning inventory 260 Jan. 20 Purchase 330 Jan. 30 Purchase 200 790 0 $0 0 $0

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