Required information Use the following information for the Exercises below. [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 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. rev: 03_14_2019_QC_CS-162819 Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)

Module 4.2: Ch 05 Homework i Saved Help Save & Exit Subr Check my work 2 Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Part 2 of 2 Required: 3.8 points 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY eBook Hint Print Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 4,480 4,480 References FIFO 4,480 LIFO 4,480 $ $ $ Sales Cost of goods sold Gross profit Expenses Income before taxes 4.480 4,480 4.480 4,480 4.480 4,480 4,480 4,480 Income tax expense Net income $ 4,480 $ 4,480 $ 4,480 $ 4,480 Check my work 2 Part 2 of 2 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. 3.8 points Units sold at Retail Units Acquired at Cost 190 units @ $7.00 = $1,330 eBook 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $6.00 = 660 Hint 130 units @ $16.00 Print 280 units @ $5.50 = 580 units 1,540 $3,530 280 units References The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)