connect html ework Saved 380 are from the January 30 purchase, 5 are from the ja

Question

connect html ework Saved 380 are from the January 30 purchase, 5 are from the january 20 purchase, and 25 are fromi beginning inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory method expenses are $2.250, and that the applicable income tax rate is 40% (Round your Intermediate calculations to 2 deci LAKER COMPANY Income Statements For Month Ended January 31 Weighted Average Specific Identification FIFO LIFO 51 S 51 S 51 $ 51 Sales Cost of goods sold Gross profit Expenses 51 2.250 (2.199) 51 2.250 2.199)(2,199) 51 2,250 Income before taxes | (21/ ) Income tax expense (2,199) (2,199) $ (2,199) (2,199) Net income

Explanation / Answer

Average cost 15.56 (12295/790) Units Per unit cost Amount Cost of goods sold 380 15.56 5914.05 FIFO Cost of goods sold Units Per unit cost Amount Jan 1 inventory 240 16.5 3960 Jan 20 inventory 140 15.5 2170 Total ending inventory 380 6130 LIFO Cost of goods sold Units Per unit cost Amount Jan 1 inventory 210 16.5 3465 Jan 20 inventory 170 15.5 2635 Total ending inventory 380 6100 Specific identification Cost of goods sold Units Per unit cost Amount Jan 1 inventory 215 16.5 3547.5 Jan 20 inventory 165 15.5 2557.5 Total ending inventory 380 6105 Specific identification Weighted average FIFO LIFO Sales 9690 9690 9690 9690 Cost of goods sold 6105 5914.05 6130 6100 Gross profit 3585 3776 3560 3590 Expenses 2250 2250 2250 2250 Income before taxes 1335 1525.95 1310 1340 Income tax expense 534 610.38 524 536 Net income 801 915.57 786 804

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