A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25, coed Units Unit Cost 350 $3.40 80 3.60 110 3.70 Book) Required: Assume the perpetual inventor system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Hint Goods purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit units Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance sold Print January 11 January 9 teferences January 25 January 26 Totals $ 0.00 Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Jan. 28 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 195 units@ $12.00 = $2,340 120 units@ $11.00 1,320 290 units@ $10.50 3,045 605 units $6,705 Units sold at Retail 155 units @ $21.00 135 units @ $21.00 290 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,800 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 Sales Cost of goods sold Specific Identification Weighted Average FIFO LIFO Gross profit 0 0 0 0 Expenses Income before taxes 0 0 0 Income tax expense Net income $ 0 $ 0 $ 0 $ 0 Help Save