Use the following information for the Exercises below. [The following information applies to the questions displayed...

  

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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. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 185 united $11.00 $2,035 Jan. 10 Sales 100 unita $10.00- 270 united $9.50- 555 unita Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 1,000 2,565 $5,600 Units sold at Retail 145 unita $20.00 125 unita @ $20.00 270 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.) Sales Cost of goods sold Gross profit Expenses income before taxes Income tax expense Not income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 0 0 0 S 0 0 0 $ FIFO 0 0 OS LIFO 0 0 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. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 185 united $11.00 $2,035 Jan. 10 Sales 100 unita $10.00- 270 united $9.50- 555 unita Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 1,000 2,565 $5,600 Units sold at Retail 145 unita $20.00 125 unita @ $20.00 270 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.) Sales Cost of goods sold Gross profit Expenses income before taxes Income tax expense Not income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 0 0 0 S 0 0 0 $ FIFO 0 0 OS LIFO 0 0

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