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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
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 Jan. 1 Beginning 140 units@$6.00 $ 840 inventory Jan.10 Sales Jan.20 Purchase 60 units@$5.00= Jan.25 Sales Jan. 30 Purchase 180 units@$4.50= Totals 380 units Units sold at Retail 100 units@$15 300 80 units@$15 810 $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 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 Sales Cost of goods sold Gross profit 0 0 0 Expenses Income before 0 0 0 0 taxes Income tax expense Net income $ 0 $ 0 $ 0 S 0
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