W (22 pts) Saved ls 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 ' Units Acquired at Cost 140 units $6.00 - $ 840 Units sold at Retail bo 100 units @ $15 Book Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units $5.00 - 300 BO units@ $15 180 units 380 units $4.50 810 $1,950 180 units to le 19 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory References 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 $1,250, 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 Check my work GL04-02 . Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron) points 2 04.2015 Aug. Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, 1/30, TOB destination, invoice dated August 1. Aug. 5 sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, 1/60, POB destination, invoice dated August 5. The merchandise had cost $4,000. Aug. Purchased merchandise from Waters Corporation for $.400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Love's $400 and was sold for $600. The merchandise was restored to inventory Aug 12 after begotiations with waters Corporation concerning problems with the purchases on August 8, Love's received credit nemorandum from water granting price reduction of $400 of the $5,000 of goods purchased. Aug. 16 At Aron's request, Love's paid $200 cash for freight charges on the August 1 purchase, reducing the amount oved to Aron, Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. Aug. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. Aug. 19 Sold merchandise to Tux Co. for $4,800 under credit terns of /10, POD shipping point, Invoice dated August 19. The merchandise had cost $2,400. .22 Tux requested price reduction on the August 19 sale because the merchandise did not meet specifications. Love's sent a 5500 credit memorandum toward the $6,00 Lavoice to resolve the issue. 29 Received tuscas payment for the amount due from the August 19 sale less the price allowance from August 22. W (22 pts) Saved ls 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 ' Units Acquired at Cost 140 units $6.00 - $ 840 Units sold at Retail bo 100 units @ $15 Book Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units $5.00 - 300 BO units@ $15 180 units 380 units $4.50 810 $1,950 180 units to le 19 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory References 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 $1,250, 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 Check my work GL04-02 . Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron) points 2 04.2015 Aug. Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, 1/30, TOB destination, invoice dated August 1. Aug. 5 sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, 1/60, POB destination, invoice dated August 5. The merchandise had cost $4,000. Aug. Purchased merchandise from Waters Corporation for $.400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Love's $400 and was sold for $600. The merchandise was restored to inventory Aug 12 after begotiations with waters Corporation concerning problems with the purchases on August 8, Love's received credit nemorandum from water granting price reduction of $400 of the $5,000 of goods purchased. Aug. 16 At Aron's request, Love's paid $200 cash for freight charges on the August 1 purchase, reducing the amount oved to Aron, Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. Aug. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. Aug. 19 Sold merchandise to Tux Co. for $4,800 under credit terns of /10, POD shipping point, Invoice dated August 19. The merchandise had cost $2,400. .22 Tux requested price reduction on the August 19 sale because the merchandise did not meet specifications. Love's sent a 5500 credit memorandum toward the $6,00 Lavoice to resolve the issue. 29 Received tuscas payment for the amount due from the August 19 sale less the price allowance from August 22