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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 190 units @ $25.50 Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 240 units @ $16,50 = $ 3,960 Jan. 10 Sales Jan. 20 Purchase 170 units@ $15.50 2,635 Jan. 25 Sales Jan. 30 Purchase 380 units @ $15.00 = 5,700 Totals 790 units $12,295 190 units $25.50 380 units Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,250, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 9,6905 9,6905 6 105 3,585 9.600 2,250 2,250 1,335 7.440 534 S 801$ 74405 FIFO LIFO 9,6905 9.000 6130 3.560 9,690 2.250 2.250 1310 7.440 524 7861 S 7,440
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