ch6-8

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Unitu required at Cost 185 units $11.00 - $2.035 Units old at Retail 145 units $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 unita $10.00 1.000 125 unite @ $20.00 270 unitso $ 9.50 - 555 units 2,565 $5,600 270 units Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning Inventory Exercise 6-4 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 $1.700 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 Exercise 6-4 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 $1.700 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 Averago FIFO LIFO 0 0 0 0 Sales Cost of goods sold Groen profit Expenses Income before taxes Income tax experte Net income 0 0 0 0 $ OS 0 $ OS 0