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Use the data in Exercise 6-3 to prepare comparative income statements for the month of January for Laker Company similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses are $ 1,250, and that the applicable income tax rate is 40%. (Round amounts to dollars and cents.)
In Exercise 6-3, Laker Company reported the following January purchases and sales data for its only product.
1. Which method yields the highest net income?
2. Does net income using weighted average fall between that using FIFO and LIFO?
3. If costs were rising instead of falling, which method would yield the highest netincome?
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This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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