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

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Accounting

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 @ $7.40 = $ 1,258
Jan. 10 Sales 100 units @$15.40
Jan. 20 Purchase 240 units @ $6.40 = 1,536
Jan. 25 Sales 165 units @$15.40
Jan. 30 Purchase 110 units @ $5.40 = 594
Totals 520 units $ 3,388 265 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 110 are from the January 30 purchase, 80 are from the January 20 purchase, and 65 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 $1,800, and that the applicable income tax rate is 39%. (Do not round your Intermediate calculations.)

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 @ $7.40 = $ 1,258
Jan. 10 Sales 100 units @$15.40
Jan. 20 Purchase 240 units @ $6.40 = 1,536
Jan. 25 Sales 165 units @$15.40
Jan. 30 Purchase 110 units @ $5.40 = 594
Totals 520 units $ 3,388 265 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 110 are from the January 30 purchase, 80 are from the January 20 purchase, and 65 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 $1,800, and that the applicable income tax rate is 39%. (Do not round your Intermediate calculations.)

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 @ $7.40 = $ 1,258
Jan. 10 Sales 100 units @$15.40
Jan. 20 Purchase 240 units @ $6.40 = 1,536
Jan. 25 Sales 165 units @$15.40
Jan. 30 Purchase 110 units @ $5.40 = 594
Totals 520 units $ 3,388 265 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 110 are from the January 30 purchase, 80 are from the January 20 purchase, and 65 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 $1,800, and that the applicable income tax rate is 39%. (Do not round your Intermediate calculations.)

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