to CashPro Onfi.FL FXecute Pay Check my work mode : This shows what is correct o

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to CashPro Onfi.FL FXecute Pay Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 2 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. points Activities Beginning Jan. 1 inventory Jan. 10 sales Jan. 20 Purchase Jan.25 Sales Jan.30 Purchase Units Acquired at Cost Units sold at Retail 170 units @S9.50 = $1,615 120 units@ $8.50 1,020 240 units@ $8.00 = 1,920 130 units $18.50 130 units S18.50 260 units Totals 530 units S4, 555 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Required:

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 4,810 4,810 4,810 4,810 Cost of goods sold 2380 2350 2373 2355 Gross Profit 2,430 2,460 2,438 2,455 Expenses 1,550 1,550 1,550 1,550 Income before taxes 880 910 888 905 Income taxes 352.00 364.00 355.00 362.00 Net Income 528 546 533 543

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