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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
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. The Company uses a periodic inventory system. For specific identification, ending inventory consists of units, where are from the January purchase, are from the January purchase, and are from beginning inventory.
Required:
Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $ and that the applicable income tax rate is Round your average cost per unit to decimal places.
tableLAKER CONPANYIncome StatementsFor Month Ended January Specific,Weighted,,Identification,Average,FIFO,LIFOSalesCost of goods sold,,ThVGross profit,ExpensesIncome before taxes,Income tax expense,,ndNet income,$$
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