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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
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. 0.71 points eBook Units sold at Date Units Acquired at Cost Activities Retail Jan. 1 Beginning 210 units@ $13.50 = $2,835 inventory Jan. 10 Sales 160 units @ $22.50 Jan. 20 Purchase 150 units@ $12.50 = 1,875 Jan. 25 Sales 180 units@ $22.50 Jan. 30 Purchase 320 units @ $12.00 = 3,840 Totals 680 units $ 8,550 340 units Hint Print References The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 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 $1,950 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 L IFO 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense | 0 Net income | s $ 1
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