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Complete the table determine the cost assigned to inventory

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The following information applies to the question. Complete the table determine the cost assigned to ending inventory and cost of goods using specific identification

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 220  units @ $ 8.40  = $ 1,848              
 Jan. 10   Sales                   125  units @ $ 16.40  
 Jan. 20   Purchase 290  units @ $ 7.40  =   2,146              
 Jan. 25   Sales                   215  units @ $ 16.40  
 Jan. 30   Purchase 160  units @ $ 6.40  =   1,024              
                       
      Totals 670  units         $ 5,018   340  units        

Required:

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 160 are from the January 30 purchase, 80 are from the January 20 purchase, and 90 are from beginning inventory.

Reference no: EM131762509

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