Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased the contents of an estate for $75,000. Terms of the purchase were FOB ship point, and the cost of transporting the goods to Walberg Associates's warehouse was $2,400. Walberg Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980. Determine the cost of the inventory acquired from the estate. Booh Cost of Inventory (estate's contents) * Total cost of inventory References C Part 22 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. its sold at Metivities Jan 1 Beginning inventory Jan. 10 Sales Units Required at Coat 140 unitat 16.00 - $ 80 100 wita $15 Totale 30 units $1,950 180 units lo 19 18 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 Exercise 5-4 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 $1250, and that the applicable income tax rate is 10% (Round your intermediate calculations to 2 decimal places LAKER COMPANY Income Statement For Month Ended January 31 Specte Vieighied