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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.
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. Units Acquired at Cost Units sold at Retail 155 units@ $8.00 $1,240 Date Activities Beginning inventory Jan 1 115 units @ $17.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 90 units@ $7.00630 95 units $17.0e 210 units@ $6.501,365 455 units Totals $3,235 210 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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 $1,400, 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 Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross proft Expenses Income before taxes Income tax expense Net income 3,570 $ 3,570 $ 3,570 3,570 1,595 1,975 1,400 575 230 3,570 1,400 2,170 1,625 1,945 1,400 545 218 3,570 1,400 2,170 345 $ 2,170 $ 327 S 2,170
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