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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. Units
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(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 Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 - $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 - 300 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.50 - 810 Totals 380 units $1,950 180 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) Answer is complete but not entirely correct. Sales LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 2,700 S 2.700S 1,025 1,032 % 1,675 1.668 1.250 1.250 425 418 170 167 255 $ 251 LIFO 2,700 1,020 X 1 680 FIFO 2,700 $ 1,040 1,660 1.250 410 164 246 $ Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 1.250 S 258Step by Step Solution
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