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 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Date Activities Jan. 1 Beginning inventory 170 units @ $9.50= $1,615 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 130 units @ $18.50 120 units @ $8.50 = 1,020 260 units @ $8.00= 2,080 550 units 130 units @ $18.50 $4,715 260 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,550, 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 FIFO LIFO Sales Cost of goods sold 2,356 2,228 2,380 2,080 Gross profit (2,356) (2.228) (2,380) (2,080) Expenses 1,550) Income before taxes (3,906) 1,550 (3,778) 1,550 (3,930) 1,550 (3,630) Income tax expense Net income $ (6.250) $ (3.778) $ (3,930) $ (3,630) < Prev 82 of 2 Next