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Please complete the chart with information given, thumbs up! Required information Use the following information for the Exercises below. [The following information applies to the
Please complete the chart with information given, thumbs up!
Required information Use the following information for the Exercises below. [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 180 units @ $24.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 230 units@ $15.50 - $ 3,565 190 units $14.50 - 2,755 360 units @ $14.00 - 5,040 780 units $11,360 220 units @ $24.50 400 units The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 380 units, where 360 are from the January 30 purchase 5 are from the January 20 purchase, and 15 are from beginning inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,150 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 0 0 0 Salos Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 0 0 $ 01$ 01$ 0$ 0 Step by Step Solution
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