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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Date Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 185 units @ $11.00= $2,035 100 units @ $10.00 = Jan. 10 Jan. 20 Jan. 25 Jan. 30 Sales Purchase Sales Purchase Totals. Sales Cost of goods sold Gross profit Activities Expenses Income before taxes Income tax expense Net income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Average Identification $ 270 units @ $9.50 = 2,565 555 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,700, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) 0 0 0 $ 0 0 0 1,000 > $ $5,600 270 units FIFO 0 145 units @ $20.00 0 125 units @ $20.00 0 $ LIFO 0 0 0
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