Continuous Assessment - Assignment 2 (599)- Topic 6,78 Help Save & Exit Submit Check my work 19 Required information The following information applies to the questions displayed below. Part 2 of 2 Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 420 units, where 400 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 10 points Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 230 units $ $15.50 - $ 3,565 180 units @ $24.50 19e units $14.50 2,755 zza units $24.50 4ee units $11.88 = 5,648 828 units $11,920 400 units eBook 00 Hint Fotorences Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,150 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 Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 2,150 12,150) 0 2.150 (2.150) 0 2.150 (2.150) 0 2,150 12,150) (2.150) $ (2.150) S ( (2.150) S (2,150) M. Graw Hall Education