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I have to fill in the blanks on the 2nd picture. I am having trouble with knowing how to calculate. Required information [The following information
I have to fill in the blanks on the 2nd picture. I am having trouble with knowing how to calculate.
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. Date Activities Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 215 units @ $14.00 - $3,010 165 units @ $23.00 160 units @ $13.00 - 2,080 190 units @ $23.00 355 units @ $12.00 - 4,260 730 units $9,350 355 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,000, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 8,165 $ 8,165 FIFO 8,165 LIFO 8,165 $ $ 8,165 8,165 8,165 8,165 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 8,165 8.165 8,165 8,165 $ 8,165 $ 8,165 $ 8,165 $ 8,165Step by Step Solution
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