Beginning Janinventory Jan.10 Sales Jan.20 Purchase Jan.25 Sales Jan.30 Purchase 210 unitse $13.50 $2, 835 150 units@ S12.50 = 1,875 320 units@ $12.00 3.840 160 units $22.50 180 units $22.50 Totals 680 units $8,550 340 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,950, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places) Income Statements For Month Ended January 31 Specific Weighted tion FIFO LIFO Sales Cost of goods sold Gross proft 7.650 1.950 Income before taxes Income tax expense Net income 5.700 S Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Cost per Product UitsUnit S 64 82 101 46 Helmets 42 Bats Shoes Uniforms 60 Market per Unit s 60 114 105 46 35 56 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total ntory Items Units Cost Market Cost Helmets Bats Shoes Uniforms Market LCM Applied to Items 42 S 64 60 35 56 101105 60 82 114 46 46