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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 148 units @ $6.00 - $340 Jan. 10 Sales 100 units $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 50 units $15 Jan. 30 Purchase 180 units @ $4.50 810 Totals 380 units $1,950 180 units The Company uses a perpetual inventory system. For specific Identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 1 Required information Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost places) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost Ending Inventory Units Ending Inventory Cost Ending Per Inventory Unit Cost COGS Jan 1 140 > Jan. 20 Jan 30 Beginning Inventory Purchase Purchase 60 180 380 $ 6,00 $ 5.00 $ 4.50 0 S 0 0 Penced 2 Required information Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal place.) Weighted Average - Perpetual Goods Purchased Cost of Goods Sold Inventory Balance of Cost #of Cost Cost Date Cost of per units units per # of units Inventory per unit sold unit Goods Sold Balance January 1 140 $ 6.00 5840.00 January 10 unit January 20 Average cost January 25 January Required information Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places) Perpetual FIFO: Goods Purchased Cost W of Date Cost of Goods Sold of units Cost Cost of Goods sold per Sold unit units per Inventory Balance Cost # of units per Inventory Balance unit 140 $ 600 $840 00 unit January 1 January 10 January 20 January 25 Required information 1 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost W of Cost W of units Date Cost Cost of Inventory units per sold per # of units per Goods Sold Balance unit unit unit January 1 140 5600 840.00 January 10 January 20 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250 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 5 0 $ 05 01$ 0