Perpetual: Income effects of inventory methods LO A1
Laker Company reported the followi...
Perpetual: Income effects of inventory methods LO A1
Laker Company reported the following January purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840
Jan. 10 Sales 100 units @$15
Jan. 20 Purchase 60 units @ $5.00 = 300
Jan. 25 Sales 80 units @$15
Jan. 30 Purchase 180 units @ $4.50 = 810
Totals 380 units $ 1,950 180 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Required:
Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%.(Round your Intermediate calculations to 2 decimal places.)
Answers: 1
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