Laker company income statements for month ended

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LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 9,625 $ 9,625 FIFO 9,625 LIFO 9,625 $ $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 9,625 2,200 7,425 9,625 2,200 7,425
9,625 2,200 7,425 9,625 2,200 7,425 $ 7,425 $ 7,425 $ 7,425 $ 7,425 Answer is complete and correct. Complete this questions by entering your answers in the below tabs. Specific Id WeightedAverage FIFO LIFO -------------- Determine the cost assignedto ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory 415 units, where 385 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Sold Ending Inventory Cost Cost of Goods Available for Sale Cost of Cost # of Goods per units unit Available for Sale 235 16.00 $ 3,760 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory per Ending Inventory unit210 $ 16.00 $ 3,360 25 16.00 $ 400 Beginning inventory Purchases: Jan. 20 $ 180 / 2,700 175 $ 15.00 2,625 5 75 15.00 15.00 15.00 Jan. 30 385 5,390 0 14.00 5,390 385 14.00 Total 800 $ 11,850 385 $ 5,985 415 $ 5,865 Specific ld Weighted Average >

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