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  3. laker company reported the following january purch

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 185 units @ $ 11.00 = $ 2,035
Jan. 10 Sales 145 units @ $ 20.00
Jan. 20 Purchase 100 units @ $ 10.00 = 1,000
Jan. 25 Sales 125 units @ $ 20.00
Jan. 30 Purchase 270 units @ $ 9.50 = 2,565
Totals 555 units $ 5,600 270 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 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 $1,700, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)

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