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Check Required information The following information applies to the questions displayed below.) t 1 of 2 Laker Company reported the following January purchases and sales
Check Required information The following information applies to the questions displayed below.) t 1 of 2 Laker Company reported the following January purchases and sales data for its only product. kipped Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Units Acquired at Cost Retail 140 units @ $6.00 = $ 840 100 units @ $15 60 units @ $5.00 = 300 80 units @ $15 180 units @ $4.50 = 810 380 units $1,950 180 units eBook Hint Print erences The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 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 ident 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. 3 Prey 12 of 11 Next > 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 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Units Acquired at Cost Retail 140 units @ $6.00 = $ 840 100 units @ $15 60 units @ $5.00 = 300 80 units @ $15 180 units @ $4.50 = 810 380 units $1,950 180 units The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 $1,250 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 1 AKER COMPANY
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