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For the question in the picture I'm having some issues determining the cost of goods sold for weighted average, FIFO, and LIFO. Any help would
For the question in the picture I'm having some issues determining the cost of goods sold for weighted average, FIFO, and LIFO. Any help would be appreciated.
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. Units sold at Retail 150 units 130 units $16.00 Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 190 units @ $7.00 = $1,330 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 16.00 110 units @ $6.00 = 660 280 units $5.501,540 580 units Totals $3,530 280 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 Requirec 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750, and that the applicable income tax rate is 40%. (Round your intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO 4,480$ 4,480$ 4,480$ 4,480 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 1,855 2,625 1,750 875 350 4,480 1,750 2,730 4,480 1,750 2,730 4,480 1,750 2,730 525 $ 2,730 $ 2,730$ 2,730
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