- I Need Help With This Problem Any Help Is Appreciated Thank You 1 (53.86 KiB) Viewed 17 times
I need help with this problem. Any help is appreciated! Thank you.
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answerhappygod
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I need help with this problem. Any help is appreciated! Thank you.
I need help with this problem. Any help is appreciated! Thankyou.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Sales Cost of goods sold Gross profit Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Expenses Income before taxes Income tax expense Net income Units Acquired at Cost 210 units@ $13.50 = $2,835 150 units @ $12.50 = 1,875 320 units@ $12.00 = 680 units 3,840 $8,550 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,950 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 0 0 0 $ 0 0 0 69 FIFO 0 Units sold at Retail 160 units @ $22.50 180 units@ $22.50 0 340 units 0 $ LIFO 0 0
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Sales Cost of goods sold Gross profit Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Expenses Income before taxes Income tax expense Net income Units Acquired at Cost 210 units@ $13.50 = $2,835 150 units @ $12.50 = 1,875 320 units@ $12.00 = 680 units 3,840 $8,550 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,950 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 0 0 0 $ 0 0 0 69 FIFO 0 Units sold at Retail 160 units @ $22.50 180 units@ $22.50 0 340 units 0 $ LIFO 0 0