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perpetual income effects of inventory methods

Required information Use the following information for the Exercises below. The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product Motivities Units Moyed at cont Orion Jan. Seinnig inventory 150 hitae $7.50 - $3.925 an. 10. Sales 1 unit $36.36 Jan. 20 Purchase unita $6.50 - 520 Jan. 25 Sales 30 i 916.58 Jan. 30 Parche 200 56.00 - 1.200 Total 430 unite $2.45 200 unit. Date The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1350 and that the applicable income tax rate is 40% (Round your intermediate calculations to 2 decimal places) LAKER COMPANY Income utemente For Morth Ende January 31 Specie Weighed Identification Average FIFO LIFO O 0 o 0 Sales Casleds Gospol Esperas Income before heme Netcom 0 0 o 5 2. Which method yields the highest et income? Specific identification Weighted average OLIFO CARO 9. Does not come ung wighted woon tot between that uning FFO and LOFON mestown whicitadighest ratione Oo

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