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Just need corrections for wrong answers Requlred Informetlon [The following information applies to the questions displayed below. Laker Company reported the following January purchases and

Just need corrections for wrong answers

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Requlred Informetlon [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 178 units $23.5e 288 units $23.5e 378 units Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 18 Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase 220 units$14.58-$3, 19e 178 units$13.582,295 48 units $13.8e4,428 Totals 30 units $9,985 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Requlred 1. Complete comparative 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%. 2. Which method yields the highest net income? 3. Does net income using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling. which method would yield the highest net income? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below

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