TILUULUH.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%25... favorites here on the favorites bar. Manage favorites now G1001 HW Saved Help Save & Exit Submit Laker Company reported the following January purchases and sales data for its only product. Check my work Units Acquired at Cost 220 units @ $14.50 - $3,190 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Dan 30 Purchase Totals 17e units @ 170 units $13.50 - $23.50 2,295 200 units $23.50 340 units @ 730 units $13.00 - 4,420 $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units. where 340 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 $2.050 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 Net income 0 0 0 0 S 0 $ 0 $ 0 5 0 O Bi search Required information 2. Which method yields the highest net income? O Specific identification O Weighted average O LIFO O FIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? O No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? Weighted average Specific identification LIFO O FIFO Next > Prev 28 of 32 O Bi ID arch ace TILUULUH.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%25... favorites here on the favorites bar. Manage favorites now G1001 HW Saved Help Save & Exit Submit Laker Company reported the following January purchases and sales data for its only product. Check my work Units Acquired at Cost 220 units @ $14.50 - $3,190 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Dan 30 Purchase Totals 17e units @ 170 units $13.50 - $23.50 2,295 200 units $23.50 340 units @ 730 units $13.00 - 4,420 $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units. where 340 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 $2.050 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 Net income 0 0 0 0 S 0 $ 0 $ 0 5 0 O Bi search Required information 2. Which method yields the highest net income? O Specific identification O Weighted average O LIFO O FIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? O No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? Weighted average Specific identification LIFO O FIFO Next > Prev 28 of 32 O Bi ID arch ace