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Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 165 units@ $9.00 = $1,485 110 units@ $8.00 = 880 Units sold at Retail 125 units $18.00 125 units e $18.00 230 units@ $7.50 - 505 units 1, 725 $ 4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Cost Per Ending Inventory Unit Inventory Units Cost 145 $ 9.00 $ 1,305 105 $ 8.00 $ 840 180 Jan. 1 Jan. 20 Beginning inventory Purchase 165 $ 9.00 110 $ 8.00 230 $ 47.50 505 20 $ 5 $ 230 $ 255 9.00 $ 8.00 $ 7.50 $ $ 40 1,725 1,945 Purchase Jan. 30 250 s 2,145 Required 2 > Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units #of units sold Cost per Cost per Cost of Goods unit Sold #of units Inventory Balance unit unit January 1 165 $ 9.00 $ 1,485.00 1251 @ $ 9.00= $ 1.125.00 401 $ 9.00 - $ 360.00 January 10 January 20 1101 @ $ 8.00 40 @ $ 9.00/= $ 360.00 en la 1101 8.00 = 880.00 150 $ 1,240.00 $ 1,033.75 $ 8.27 = $ $ 8.27 - 25 @ 125 @ 206.75 Average cost January 25 January 30 230@s 7.50 25 @ $ 8.27 230 @ $ 7.50 = $ 206.75 1,725.00 $ 1,931.75 $ 2,158.75 255 @ Totals Perpetual FIFO: Goods Purchased Inventory Balance # of Cost per unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold units # of units Cost per unit Inventory Balance January 1 165 @ $ 9.00 - $ 1.485.00 125 @ $ 9.00 $ 1,125,00 40 @ $ 9.00 $ 380.00 January 10 January 20 110 @ $ 8.00 401 @ $9.00 = $360.00 110 @ $ 8.00 = 880.00 $ 1,240.00 BE 25 @ $ 225.00 January 25 15 $ 9.00 110 @ $ 8.00 $ 135.00 880.00 $ 1,015.00 $ 9.00 - $ 8.00 $ 225.00 @ $9.00 January 30 239) @ $ 7.50 @ 230 @ $ 8.00 $ 7.50 + 1,725.00 $ 1,725.00 $ 2,140,00 Totals end Required 4 > Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance # of units Inventory unit Balance 165 @ $ 9.00 = $ 1,485.00 January 1 125 @ $ 9.00 $ 1,125.00 = 40 @ $ $ 9.00 - 360.00 January 10 January 20 1101 @ $ 8.00 401 @ $ 9.00 - $360.00 110 @ $ 8.00 = 880.00 $ 1,240.00 $ 9.00 $ 25 @ $ January 25 9.00 = $ 225.00 15 @ 110 @ II. 135.00 880.00 $ 8.00 $ 8.00 = $ 1,015.00 $ 225.00 9.00 January 30 $ 7.50 230 @ @ @ @ $ $ 8.00 7.50 - 230 @ $ 1.725.00 $ 1,725.00 $ 2,140.00 Totals Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,500 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 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 0 +0 0 $ $ ols 0 0 $
