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1 Required information [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only

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1 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 Book Units sold at Date Activities Units Acquired at cost Retail Jan. 1 Beginning inventory 140 units e $6.00 - $ 840 Jan. 10 Sales 100 units e $15 Jan. 20 Purchase 60 unita $5.00 300 Jan. 25 Sales 00 units $15 Jan. 30 Purchase 180 units $4.50 810 Totals 380 units $1,950 180 units Hint Print The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory rences Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250 and that the applicable income tax rate is 40%. (Round your intermediate calculations 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 profil Expenses Income before taxes Income tax expense Not income 1 Required information nts Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income eBook Hint Print 2. Which method ylelds the highest net income? References OLIFO Specific identification O FIFO O Weighted average 3. Does net income using weighted average foll between that using RFO and LIFO? O No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? OLIFO Specific identification O FIFO Weighted average ME 2 ebook Required information {The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product Date Activities Units acquired at cont Anita Gold at Metal Jan. I beginning inventory 200 units 510 -$2,000 Jan. 10 sales 150 units $40 Mar. 14 Purchase 350 units + $15 5,250 Mar. 15 sales 300 unita +56 July30 Purchase 450 unito $20 9.000 Oct. 5 Sales 430 unita Oct.26 Purchase 100 units $25 2.500 Totals 1.100 unita $13,750 Suite Print Required: Hemming uses a perpetual inventory system. Assume that ending Inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following Gost of Goods Sold Unit Sold Unit Cout COGS Ending Inventory Ending Ending vetry Unit Cost Inventory Cont a) cost of Goods Sold using Specific Identification Available for Sale Date Activity Un Cost I dan Beginning inventory 200 Mar. 14 Purchase 350 | July 30 Purchase 450 Oct20 Purchase 100 1,100 b) Gross Margin using specific Identification LAS Equals

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