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LUNCI Uputy CIUCU LIC TUHUHy Jurury pur LUCU JUC VULTUSUHy pivuuuu...

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Accounting

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LUNCI Uputy CIUCU LIC TUHUHy Jurury pur LUCU JUC VULTUSUHy pivuuuu 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 Jan. 30 Purchase Totals 170 unitse $13.50 - 170 units @ $23.50 2,295 200 units @ $23.50 340 units@ $13.00 = 730 units 4,420 $ 9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, wher 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. Assum expenses are $2,050 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal place LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income

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