19.UU $3,010 165 units & $23.00 160 units@ $13.00 = 2,080 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 190 units $23.00 330 units $12.50 - 705 units 4,125 $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 u 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventor 03:12:06 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory metho expenses are $2,000, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 dec LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 0 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 0 0 0 $ 0 $ 0 $ 0 0 $ Nav o Required information 3 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO 03.11 Goods Purchased of Cost per unit Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date unt Inventory Balance Cost per of units Inventory Balance S 215 S 14.00 - 3,010.00 50 a $ 14,00 $ 700.00 January 1 January 10 1300 $ 14,00 $ 102.00 January 20 180 $ 13.00 50 160 $ 14,00 $ 13.00 $ 700.00 2,080.00 $ 2.780.00 $ 0.00 January 25 $ 14.00 $ 13.00 20 20 $14.00 $ 13,00 S 280.00 $ 260.00 0.00 $ 540.00 330 January 30 $ 12.50 330 $ 4,520.00 4,550.00 $ 14,00 $ 13.00 - $ 12.50 350 $ 182.00 $ 9,170.00 Totals Required 2 Required 4 > of 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 Activities Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 215 unitae $14.00 - $3,010 Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units $13.00 = 2,080 Jan. 25 Sales 190 units $23.00 Jan. 30 Purchase 330 unitse $12.50 - 4,125 Totals 705 units $9, 215 355 units 03:10:33 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, whe 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance
