Question

[The following information applies to the questions displayed below.] Laker Company reported the following January purchases...

[The following information applies to the questions displayed below.]

 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 320 units @ \$ 10.40 = \$ 3,328 Jan. 10 Sales 175 units @ \$ 18.40 Jan. 20 Purchase 390 units @ \$ 9.40 = 3,666 Jan. 25 Sales 315 units @ \$ 18.40 Jan. 30 Purchase 260 units @ \$ 8.40 = 2,184 Totals 970 units \$ 9,178 490 units

Required:

 1 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)
 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 320 Jan. 20 Purchase 390 Jan. 30 Purchase 260 970 \$0 \$0

Ending inventory consists of 480 units[ 970-490] , Assuming 260 are from the January 30 purchase, 75 are from the January 20 purchase, and 145 are from beginning inventory

 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 320 10.40 175 10.40 1820 145 10.40 1508 Jan. 20 Purchase 390 9.4 315 9.40 2961 75 9.40 705 Jan. 30 Purchase 260 8.4 0 8.40 0 260 8.40 2184 970 \$4781 \$4397