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please answer all the questions on the sheet and don't send incomplete answers, thank you! Laker Company reported the following January purchases and sales data
please answer all the questions on the sheet and don't send incomplete answers, thank you! Laker Company reported the following January purchases and sales data for its only product Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 310 units @ $10.20= $3.162 380 units @ $9.20= 3496 250 units @ $8.20= 2,050 940 units Units Sold at Retail 170 units @518.20 305 units@518.20 Totals $8,708 475 units Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 465 units, where 250 are from the January 30 purchase, 80 are from the January 20 purchase, and 135 are from beginning inventory 1. Complete comparative income statements for the month of January for Laker Company for the four (Do inventory methods Assume expenses are $3.200, and that the applicable income tax rate is 35% not round your Intermediate calculations.) Income Statements For Month Ended January 31 Specific Weighted Identification FIFO LIFO Sales Cost of Gross profit Expenses Income before taxes Income tax expense Net income sold 2. Which method yields the highest net income? O LIFO O FIFO Weighted average O Specific identification 3. Does net income using weighted average fall between that using FIFO and LIFO? O Yes No 4. If costs were rising instead of falling, which method would yield the highest net income? Specific identification O Weighted average O FIFO O LIFO
please answer all the questions on the sheet and don't send incomplete answers, thank you!
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