The following information applies to the questions displayed below.] Laker Company reported the following January...
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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
170
units
@
$
9.50
=
$
1,615
Jan.
10
Sales
130
units
@
$
18.50
Jan.
20
Purchase
120
units
@
$
8.50
=
1,020
Jan.
25
Sales
130
units
@
$
18.50
Jan.
30
Purchase
240
units
@
$
8.00
=
1,920
Totals
530
units
$
4,555
260
units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $1,550 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)
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