Connect e Accounting question l Chegg L My Drive-Google Drive Alexis × c secure

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Connect e Accounting question l Chegg L My Drive-Google Drive Alexis × c secure https://newconnect.mheducation.com/flow/connect.html CHAPTER 5 HOMEWORK Seved Help Save & Exit Submit Check my work 3 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. Part 2 of 2 10 points Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 235 units @ $16.00 = $ 3,760 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 185 units $25.00 200 units $25.00 180 units @ $15.00 = 2,700 eBook 370 units $14.50-5,365 785 units Hint Totals $11,825 385 units Print The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $2,200, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) ER COMPANY Income Statements For Month Ended January 31 Mc Graw Hill Prev of 13 Next >

Explanation / Answer

Comparative Income statement is as prepared below:

Working:

Laker Company Income Statement For Month Ended January 31 FIFO LIFO Weighted Specific Identification Sales 9,625 9,625 9,625 9,625 Cost of goods sold 6010 5980 6003 5985 Gross Profit 3,615 3,645 3,622 3,640 Expenses 2,200 2,200 2,200 2,200 Income before taxes 1,415 1,445 1,422 1,440 Income taxes 566.00 578.00 568.61 576.00 Net Income 849 867 853 864

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