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Can someone please help me get the correct answers for the highlighted areas below? I have been working on this all night....uggh. Required information [The
Can someone please help me get the correct answers for the highlighted areas below? I have been working on this all night....uggh.
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 Beginning inventorv Units Acquired at Cost Units sold at Retail 145 units @ $7.00= $1,015 105 units $16.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 70 units @ $6.00= 420 85 unitse $16.00 190 units @ $5.50= 1,045 405 units TotalS $2,480 190 units Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300, 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 Identification Weighted Average FIFO LIFO 3,040 S 3,040 $ 3,040 3,040 Sales Cost of goods sold Gross proft Expenses Income before tax Income tax expense Net income 1,285 1,755 1,300 455 182 3,040 1,300 1,740 3,040 1,300 1,740 3,040 1,300 1,740 es 1,740 S 1,740 S 273 1,740
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