Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,200, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.)

USE PERPETUAL METHOD.

Check my work Required information [The following information applies to the questions displayed below.] Part 2 of 2 Laker Company reported the following January purchases and sales data for its only product. Date Activities points Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 235 units @ $16.00 = $ 3,760 185 units @ $25.00 180 units @ $15.00 = 2,700 200 units @ $25.00 385 units @ $14.00= 5,390 800 units $11,850 385 units eBook Hint References Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,200, 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 $ 9,625 $ 9,625 FIFO 9,625 LIFO 9,625 $ $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 9,625 2,200 7,425 9,625 2,200 7,425 9,625 2,200 7,425 9,625 2,200 7,425 $ 7,425 $ 7,425 $ 7,425 $ 7,425 Answer is complete and correct. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO -------------- Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory 415 units, where 385 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Sold Ending Inventory Cost Cost of Goods Available for Sale Cost of Cost # of Goods per units unit Available for Sale 235 16.00 $ 3,760 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory per Ending Inventory unit 210 $ 16.00 $ 3,360 25 16.00 $ 400 Beginning inventory Purchases: Jan. 20 $ 180 / 2,700 175 $ 15.00 2,625 5 75 15.00 15.00 15.00 Jan. 30 385 5,390 0 14.00 5,390 385 14.00 Total 800 $ 11,850 385 $ 5,985 415 $ 5,865 Specific ld Weighted Average >