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Laker Company reported the following January purchases and sales data for its only product. ...

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Accounting

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 300 units @ $7.60 = $ 2,280
Jan. 10 Sales 180 units @ $18.20
Jan. 20 Purchase 220 units @ $6.60 = 1,452
Jan. 25 Sales 160 units @ $18.20
Jan. 30 Purchase 340 units @ $6.10 = 2,074
Totals 860 units $ 5,806 340 units

Laker uses a periodic inventory system. For specific identification, ending inventory consists of 520 units, where 340 are from the January 30 purchase, 85 are from the January 20 purchase, and 95 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 $2,600, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.)

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