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 Units sold at Retail Units Acquired at cost 190 units 57.00 - $1,330 150 units $16.00 Metlustios Jan 1 Beginning inventory Jan. 10 Sales Jan 20 Purchase 625 Sales and Purchase Total 110 units@ $6.00 500 110 units $16.00 200 units 55.50 580 units 1,540 33,530 20 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 ate from the January 30 purchase. 5 are from the January 20 purchase and 15 ore from beginning inventory Exercise 6-4 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 $1750 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Inne amante 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 6-4 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 $1750 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 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Not income 0 0 0 0 $ $ O 0 $ $ n 2 of 2 Next