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help ! [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product.
help ! [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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 230 unitse $15.50 - $ 3,565 190 unitse $14.50 - 2,755 180 units & $24.50 220 units $24.50 360 unitse $14.00 - 780 units 5,040 $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 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 $2,150 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 $ 9,800 $ 9,800 $ FIFO 9,800 LIFO $ 9,800 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense 9,800 2,150 7,650 9,800 2,150 7,650 9,800 2.150 7,650 9,800 2,150 7,650
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