ezto.mheducation.com My DTCC Chapter 06 Pre-Built Assig 10.000 points.docx

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ezto.mheducation.com My DTCC Chapter 06 Pre-Built Assig10.000 points Laker Company reported the following Januarypurchases and sales data for its only product. Units Acquired at Cost Date Activities Units Sold at Retail Jan. 1 Beginning inventory 330 units $10.60 $3,498 Jan. 0 Sales 180 units @S18.60 Jan. 20 Purchase 400 units $9.60 3,840 Jan. 25 Sales 325 units @S 18.60 270 units $8.60 2.322 Jan. 30 Purchase Totals 1,000 units $9,660 505 units Required: The Company uses a perpetual inventory system. For specific identification. ending inventory consists of 495 units, where 270 are from the January 30 purchase, 80 are from the January 20 purchase, and 145 are from beginning inventory. 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $3.400, and that the applicable income tax rate is 30%. (Do not round your intermediate calculations.) Answer is not complete LAKER COMPANY Income Statements For Month Ended January 31 Weighted Specific Identification Average FIFO LIFO 9,393 9,393 9,393

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