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0 Required information (The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only
0 Required information (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 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at cost Units sold at Retail 175 units $10.00 $1,750 135 units $19.00 130 units 9.00 - 1.170 140 units $19.00 275 units $ 8.00-2200 580 units S5, 120 275 units Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income
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