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Complete comparative income statements for the month

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Reference no: EM132462271

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  $11,920

Units Acquired at Cost

230 units @ $15.50 = $3,565

190 units @ $14.50 = $2,755

 

400 units @ $14.00 = $5,600

820 units

 

 

Units sold at Retail 180 units @ $24.50 2

20 units @ $24.50

 

 

400 units

Required:

Question 1. Complete comparative income statements for the month of January for Laker Company using the periodic inventory system for the four inventory methods. Assume expenses are $2,150, and that the applicable income tax rate is 40%

Reference no: EM132462271

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