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

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Accounting

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Laker Company reported the following January purchases and sales data for its only product. Datel 11 Activities111 Units Acquired at Cost Units sold at Retail I Jan. Beginning inventory 190 unitse $7.00 $1,330 150 units $16.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 110 units@ $6.00= 660 130 units $16.00 280 unitse $5.501,540 Totals 580 units $3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 $1,750, and that the applicable income tax rate is 40%. (Round your intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Averag FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income Prev 21 of 4:11 Next >

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