Complete the Income Statement for Laker Company

Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 190 units@ $7.00 - $1,330 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 110 units@ $6.00 = 660 130 units @ $16.00 280 units@ $5.50 - 580 units 1,540 $3,530 Totals 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 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 $1,750 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 Average FIFO LIFO LAKER LAKER COMPANY Income Statements Income Statement For Month Ended January 31 Specific Weighted Identification Average $ 4,480 $ 4,480 1,855 2,625 4,480 1,750 1,750 875 2,730 FIFO 4,480 LIFO 4,480 $ $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 4,480 1,750 2,730 4,480 1,750 2,730 875 $ 2,730 $ 2,730 $ 2,730