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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