Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning Inventory 110 units @ $ 7 = $ 770
Jan. 10 Sales 60 units @ $ 15
Jan. 20 Purchase 190 units @ $ 6 = 1,140
Jan. 25 Sales 120 units @ $ 15
Jan. 30 Purchase
@ $ 5 =
Liberty uses a perpetual inventory system. Ending inventory consists of 260 units, 140 from the January 30 purchase, 96 from the January 20 purchase and 24 from beginning inventory.
Prepare comparative income statements for the month of January for Liberty Company for the four inventory methods. Assume expenses are $1,250. The applicable income tax rate is 30%. (Round all per unit costs to 2 decimal places. Round your answers to the nearest dollar amounts. Total cost of goods sold plus ending inventory may not be equal to the cost of goods available for sale. The difference is due to rounding. Omit the "$" sign in your response.)
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