3oues-Blackboar Connect CSecure https://newconnect.mheducation.co Chapter 5 Hame

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3oues-Blackboar Connect CSecure https://newconnect.mheducation.co Chapter 5 Hamework Help Save & Exit Submie Chack my work 2 Required information he roioing iitomation apoies to the questions displayed below Laker Cumpary reported Lhe following?druery pur dim dnd sales dele fu' ?Ls only producL 125 Units solc at Retai1 16e unsts 22.5e lse units?$22.se units Acquired st Cost 218 unit$13.50-52,335 Jan. 1 Beginning inventory Purchase lseunits $12.30. 1,875 Jan. Purchase 338 unite 12.4 Total 58,55 34 u The Comoany uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 puchase 5 are from the Janunry 20 puchase, and 15 are from beginning inventory Required: 1. Complete camparative income statements for the month of lanary far Laker Company far the foiar inventary methads Assume expenses are S1.950, and that the aooicable income tax rate is 40%. (Round your Intermediate celculetions to 2 decimal places.) For Month Ended January 31 Specific Wcighted ust of yuods sold Gross proit Expenscs Nel income ?Plev 2at 4 Next > O Type here to search 4:10 PM E 1/2018

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Calculation of Cost of Goods Sold: Dates Activities Units Cost per Unit Total Cost Unit Sold Selling Price Total Sale Jan 1, Beginning Inventory Beginning Inventory 210 13.5 2835 Jan 10 Sale 160 22.5 3600 Jan 20 Purchase 150 12.5 1875 Jan 25 Sale 180 22.5 4050 Jan 30 Purchase 320 12 3840 Total 680 8550 340 7650 1. Specific Identification Method 4445 (Sold Units*Cost per unit) Dates Activities Units Cost per Unit Total Cost Inventory Units Sold Units Cost of Goods Sold Jan 1, Beginning Inventory Beginning Inventory 210 13.5 2835 15 195 2632.5 Jan 10 Sale Jan 20 Purchase 150 12.5 1875 5 145 1812.5 Jan 25 Sale Jan 30 Purchase 320 12 3840 320 0 Total 680 8550 4445 2. Weighted Average Method 4455 Purchase Sale Ending Inventory Dates Activities Units Cost per Unit Total Cost Units Cost per Unit Total Cost Units Cost per Unit Total Cost Jan 1, Beginning Inventory Beginning Inventory 210 13.5 2835 210 13.5 2835 Jan 10 Sale 160 13.5 2160 50 13.5 675 Jan 20 Purchase 150 12.5 1875 200 12.75 2550 Jan 25 Sale 180 12.75 2295 20 12.75 255 Jan 30 Purchase 320 12 3840 340                 12.04 4095 Total Cost of Goods Sold 4455 3. FIFO 4460 Purchase Sale Ending Inventory Dates Activities Units Cost per Unit Total Cost Units Cost per Unit Total Cost Units Cost per Unit Total Cost Jan 1, Beginning Inventory Beginning Inventory 210 13.5 2835 210 13.5 2835 Jan 10 Sale 160 13.5 2160 50 13.5 675 Jan 20 Purchase 150 12.5 1875 50 13.5 675 150 12.5 1875 Jan 25 Sale 50 13.5 675 20 12.5 250 130 12.5 1625 Jan 30 Purchase 320 12 3840 20 12.5 250 320 12 3840 Total Cost of Goods Sold 4460 4. LIFO 4440 Purchase Sale Ending Inventory Dates Activities Units Cost per Unit Total Cost Units Cost per Unit Total Cost Units Cost per Unit Total Cost Jan 1, Beginning Inventory Beginning Inventory 210 13.5 2835 210 13.5 2835 Jan 10 Sale 160 13.5 2160 50 13.5 675 Jan 20 Purchase 150 12.5 1875 50 13.5 675 150 12.5 1875 Jan 25 Sale 150 12.5 1875 20 13.5 270 30 13.5 405 Jan 30 Purchase 320 12 3840 20 13.5 270 320 12 3840 Total Cost of Goods Sold 4440 Income Statement: Specific Id Weighted Avg FIFO LIFO Sales 7650 7650 7650 7650 Less: Cost of Goods Sold 4445 4455 4460 4440 Gross Profit 3205 3195 3190 3210 Less: Operating Expense 1950 1950 1950 1950 Income Before tax 1255 1245 1240 1260 Less: Income Tax 502 498 496 504 Net Income 753 747 744 756

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