of 2 Required information [The following information applies to the questions displayed below.) Laker Company...
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of 2 Required information [The following information applies to the questions displayed below.) 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 150 units @ $7.50 - $1,125 Jan. 10 Sales 110 units @ $16.50 Jan. 20 Purchase 80 units@ $6.50 - 520 Jan. 25 Sales 90 units $16.50 Jan. 30 Purchase 200 units@ $6.00 1,200 Totals 430 units $2,845 200 units ook int Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,350, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) rences LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 3,300 $ 3.300$ FIFO LIFO 3.3005 3,300 3.300 3.300 3.300 3,300 Sales Cost of goods sold Gross profi Expenses Income before taxes Income tax expense Net in 3.300 3.300 3.300 3,300 S 33001 $ 20 S 300
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