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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	240	units	@	$	16.50	=	$	3,960
Jan.	10		Sales										190	units	@	$	25.50
Jan.	20		Purchase	170	units	@	$	15.50	=		2,635
Jan.	25		Sales										190	units	@	$	25.50
Jan.	30		Purchase	380	units	@	$	15.00	=		5,700
			Totals	790	units					$	12,295		380	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

	GOODS PURCHASED		COST OF GOODS SOLD			INVENTORY BALANCE
DATE	# OF UNITS	COST PER UNIT	# OF UNITS SOLD	COST PER UNIT	COST OF GOODS SOLD	# OF UNITS	COST PER UNIT	INVENTORY BALANCE
JAN 1						240 @	$16.50 =	$3960.00
JAN 10
JAN 20
JAN 25
JAN 30
TOTALS

Answer 1

	GOODS PURCHASED		COST OF GOODS SOLD			INVENTORY BALANCE
DATE	# OF UNITS	COST PER UNIT	# OF UNITS SOLD	COST PER UNIT	COST OF GOODS SOLD	# OF UNITS	COST PER UNIT	INVENTORY BALANCE
Jan-01						240 @	$16.50 =	$3960.00
Jan-10			190	$      16.50	$ 3,135.00	50@	$      16.50=	$    825.00
Jan-20	170	$      15.50				50@	$      16.50=	$    825.00
						170@	$      15.50=	$ 2,635.00
						220		$ 3,460.00
Jan-25			50	$      16.50	$    825.00
			140	$      15.50	$ 2,170.00	30@	$      15.50=	$    465.00
Jan-30	380	$      15.00				30@	$      15.50=	$    465.00
						380@	$      15.00=	$ 5,700.00
TOTALS			380		6130	410		$ 6,165.00