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em 5-4A jc: Alternative Refer to the information in Problem 5-3A and assume the periodic inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Analysis Component 5. If the company's manager earns a bonus based on a percentage of gross profit, which method of inven. tory costing will the manager likely prefer? 2 sale, they cleaned and from the estate. Rea Laker Company reported the following January purchases and sales data for its only product. He of rercise 5-3 rpetual: Inventory ting methods Units Sold at Retail Units Acquired at Cost to Activities Date 140 units@$6.00 $840 Beginning inventory Jan 1 100 units @$15 Jan. 10 Sales 60 units @$5.00 300 Jan. 20 Purchase. 80 units @ $15 Jan. 25 Sales 180 units@$4.50 810 Purchase. Jan. 30 $1,950 380 units 180 units Totals Required The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (R per unit costs and inventory amounts to cents.) 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. oding inventory WA, $918 -4 Use the data in Exercise 5-3 to prepare comparative income statements for the month of January for Laker Income effects methods Company similar to those shown in Exhibit 5.8 for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40 %. (Round amounts to cents.) 1. Which method yields the highest net income? 2. Does net income using weighted average fall above, between, or below that using FIFO and LIFO? 3. If costs were rising instead of falling, which method would yield the highest net income