Home- Eatem G Cther toocmas Chapter 6- Homework Sevec Help Save & Exit Submit Check my work Laker Company reported the following January purchases and sales data for Its only product. Units sold at Rctail 17B units %23.59 200 unils $23,50 378 unita Jan.1 Boginning invantory 1an 18 Sales Part 2 uf 2 178 unit$13.50-2,295 ri 25 5les an. 30 Purchase 340 units$13.4,428 730 units Tot ls 59,985 puinls The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are fro the January 30purcthase, 5are from lhe January 20 purchase, and 15 are from tbeining inventary. Hint Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparatlve Income statements for the month of January for Laker Company for the four Inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) Income Statements For Month Ended January 31 Specific Weighted FIFO LIFO 8,695$ 8,695 S 8,695 Sales Cost of goods sold Gross profit 3,185 2,050 1,445 8,695 2,050 6,64 8,695 2,050 6,645 8,695 2,050 6,645 Incorme bere axes Income lax cxponse Net income 5,645 S 5 6455 6 645 K Prew