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Laker Company reported the following January purchases and sales data for its only product Date...

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Laker Company reported the following January purchases and sales data for its only product Date Activities Units Sold at Retail Units Acquired at Cost 180 units 56.40 = $ 1,152 Jan. 1 Beginning 120 units @ $15.80 inventory Jan. 10 Sales Jan.20 Purchase Jan. 25 Sales 100 units 20 = 540 100 units @ $15.80 Jan. 30 Purchase 220 unitsga.90 1,078 Totals 500 units $2,770 220 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units, where 220 are from the January 30 purchase, 25 are from the January 20 purchase, and 35 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 $1,650, and that the applicable income tax rate is 20%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 3,476 $ 3,476 1,152 2,324 3,476 FIFO 3,476 LIFO 3,476 $ $ 3,476 3,476 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 2,324 3,476 3,476 3,476 $ 2,324 $ 3,476 $ 3,476 $ 3,476

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