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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
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 ts Acquired at CostUnits sold at Retail Jan. 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 175 units $10.00-$1.750 130 units 9.00.170 250 unite 8.50-2 125 135 units $19.00 140 units$19.00 275 units Totals 555 units $5. 045 The Company uses a perpetual inventory system For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $1,600, and that the applicable income tax rate is 40% (Round your Intermediate calculations to2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Fo LIFO Sales Gross proft Expenses Income before taxes ncome tax expense Net income
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