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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 sold at Retail Units Acquired at Cost 225 units@ $15.00 = $ 3,375 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 2,520 180 units @ $14.00 = 350 units @ $13.50 = 755 units 175 units @ $24.00 210 units @ $24.00 4,725 $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 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 $2,100 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 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income
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