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Question - Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Units Acquired at Cost
Unit 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
80 units @ $15
Jan 30
180 units @ $4.50 = 810
Totals
380 units $1,950
180 units
The Company uses a periodic 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 -
1. Complete comparative income statements for the month of January for Later Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%.
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