Question: Please help with the wrong answer Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.

Please help with the wrong answer

Please help with the wrong answer RequiredPlease help with the wrong answer Required
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below. J Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specic identification, ending inventory consists of 405 units, where 385 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 i'egmnmg 225 units@ $15.00: $ 3,375 inventory Jan.10 Sales 175 units@ $24.00 Jan.20 Purchase 180 units@ $14.00= 2,520 Jan.25 Sales 210 units@ $24.00 Jan.30 Purchase 385 units@ $13.00= 5,005 Totals 790 units $10,900 385 units 7_______________________________________________________________________ Exercise 5-6A Periodic: Income effects of inventory methods LO A1, P3 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,100, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) 6 Answer is complete but not entirely correct. m Cost of goods sold (5,600) 0 (5,312) 9 (5,615) 0 (5,005) 0 Gross prot 3,820 4,108 3.805 4,415 (2,100) 0 (2.100) 0 (2,100) 0 (2,100) 0 Income before taxes 1,720 2,008 1,705 2,315 Income tax expense (688) Q (803) 9 (682) a (926) 9 Net income $ 1.032 $ 1,205 $ 1.023 $ 1.339

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