Required information [The following information applies to the questions displayed below.] Laker Company reported the following...
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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. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 420 units, where 400 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Jan. 1 Beginning inventory Jan. 10 Sales Activities Units Acquired at Cost 230 units @ $15.50 $ 3,565 Units sold at Retail 180 units $24.50 Jan. 20 Purchase: Jan. 25 Sales Jan. 30 Purchase Totals 190 units @ $14.50- 2,755 220 units $24.50 400 units @ $14.00- 820 units 5,600 $11,920 400 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,150, 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 Sales Cost of goods sold Specific Identification Weighted Average FIFO LIFO Gross profit 0 0 0 0 Expenses Income before taxes 0 0 0 0 Income tax expense Net income. $ 0 S 0 $ $ 0 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 420 units, where 400 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Jan. 1 Beginning inventory Jan. 10 Sales Activities Units Acquired at Cost 230 units @ $15.50 $ 3,565 Units sold at Retail 180 units $24.50 Jan. 20 Purchase: Jan. 25 Sales Jan. 30 Purchase Totals 190 units @ $14.50- 2,755 220 units $24.50 400 units @ $14.00- 820 units 5,600 $11,920 400 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,150, 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 Sales Cost of goods sold Specific Identification Weighted Average FIFO LIFO Gross profit 0 0 0 0 Expenses Income before taxes 0 0 0 0 Income tax expense Net income. $ 0 S 0 $ $ 0
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