1. Complete comparative income statements forthe month of January for Laker Company for the...

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Accounting

1. Complete comparative income statements forthe month of January for Laker Company for the four inventorymethods. Assume expenses are $1,400, and that the applicable incometax rate is 40%. (Round your Intermediate calculations to 2decimal places.)
[The following information applies to the questionsdisplayed below.]
Laker Company reported the following January purchases and salesdata for its only product.
Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginninginventory 155 units @ $ 8.00 = $ 1,240
Jan. 10 Sales 115 units @ $ 17.00
Jan. 20 Purchase 90 units @ $ 7.00 = 630
Jan. 25 Sales 95 units @ $ 17.00
Jan. 30 Purchase 210 units @ $ 6.50 = 1,365
Totals 455 units $ 3,235 210 units
The Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 245 units, where 210are from the January 30 purchase, 5 are from the January 20purchase, and 30 are from beginning inventory.

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Solution Computation of COGS and ending inventory Specific identification Particulars Cost of goods available for sale Cost of goods sold Ending Inventory Nos of units Unit Cost Cost of goods available for sale Nos of units sold Unit Cost Cost of goods sold Nos of units in ending inventory Unit Cost Ending inventory Beginning inventory 155 800 1240 125 800 100000 30 800 24000 Purchases 20Jan 90 700 630 85 700 59500 5 700 3500 30Jan 210 650 1365 0 650 000 210 650 136500 Total 455 3235 210 See Answer

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In: Accounting1. Complete comparative income statements forthe month of January for Laker Company for the four...1. Complete comparative income statements forthe month of January for Laker Company for the four inventorymethods. Assume expenses are $1,400, and that the applicable incometax rate is 40%. (Round your Intermediate calculations to 2decimal places.)[The following information applies to the questionsdisplayed below.]Laker Company reported the following January purchases and salesdata for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginninginventory155units@$8.00=$1,240Jan.10Sales115units@$17.00Jan.20Purchase90units@$7.00=630Jan.25Sales95units@$17.00Jan.30Purchase210units@$6.50=1,365Totals455units$3,235210unitsThe Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 245 units, where 210are from the January 30 purchase, 5 are from the January 20purchase, and 30 are from beginning inventory.

Date		Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1	Beginninginventory	155	units	@	$	8.00	=	$	1,240
Jan.	10	Sales										115	units	@	$	17.00
Jan.	20	Purchase	90	units	@	$	7.00	=		630
Jan.	25	Sales										95	units	@	$	17.00
Jan.	30	Purchase	210	units	@	$	6.50	=		1,365
		Totals	455	units					$	3,235		210	units