Please help as I cannot finish this problem, if you can break it down to...
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Accounting
Please help as I cannot finish this problem, if you can break it down to my understanding I would gladly appreciate it!
2 Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 160 units @ $8.50 - $1,368 Jan. 10 Sales 120 units @ $17.50 100 units @ $7.50 = Jan. 25 Sales 12e units @ $17.50 240 units @ $7.00 - 500 units $3,790 240 units Date Jan. 20 Purchase 750 1,680 Jan. 30 Purchase Totals Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,450, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) Answer is not complete. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 1.946 (1,946) 1.450 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 1,819 (1,819) 1,450 (3.269) 1,960 (1.960) 1,450 (3.410) 1,680 (1,680) 1,450 (3,130) (3,396) IS (3,396) S (3,269) S (3.410) S (3,130)
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