Lakewood Company sold 4,500 units of its product at \(\$ 45\) per unit during 1990 . It incurred operating expenses of \(\$ 10\) per unit in selling the units, and it began the year and made successive purchases of the product as follows:

\section*{Required}
Prepare a comparative income statement for the company showing in adjacent columns the net incomes earned from the sale of the product assuming the company uses a periodic inventory system and prices its ending inventory on the basis of:

(a) FIFO,

(b) LIFO, and

(c) weighted-average cost. Round your calculation of weighted-average cost per unit to three decimal places.

Transcribed Image Text:

January 1 beginning inventory Purchases: January 8. 600 units costing $15 per unit April 2 July 18 November 23 1,200 units costing $16 per unit 2,000 units costing $18 per unit 2,500 units costing $20 per unit 1,500 units costing $22 per unit