Business, 07.03.2020 02:14 glitch14

Perpetual: Income effects of inventory methods LO A1

Laker Company reported the following January purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units 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 Sales 80 units @$15
Jan. 30 Purchase 180 units @ $4.50 = 810
Totals 380 units $ 1,950 180 units

The Company uses a perpetual 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:

Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%.(Round your Intermediate calculations to 2 decimal places.)

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 08:40

Mcdonald's fast-food restaurants have a well-designed training program for all new employees. each new employee is supposed to learn how to perform standardized tasks required to maintain mcdonald's service quality. due to labor shortages in some areas, new employees begin work as soon as they are hired and do not receive any off-the-job training. this nonconformity to standards creates

Answers: 2

Answer

Business, 22.06.2019 10:50

Kimberly has been jonah in preparing his personal income tax forms for a couple of years. jonah's boss recommended kimberly because she had done a good job setting up the company's new accounting system. jonah is very satisfied with kimberly's work and feels that the fees she charges are quite reasonable. kimberly would be classified as a(n) (a) independent auditor (b) private accountant (c) public accountant (d) accounting broker

Answers: 1

Answer

Business, 22.06.2019 20:00

The master manufacturing company has just announced a tender offer for its own common stock. master is offering to buy up to 100% of the company's stock at $20 per share contingent on at least 64% of the outstanding shares being tendered. after the announcement of the offer, the stock closed on the nyse up 2.50 at $18.75. a customer has 100 shares of master stock in his cash account. the customer tells you that he wishes to "cash out" his position. you should recommend that the customer:

Answers: 2

Answer

Business, 22.06.2019 20:40

Consider an economy where the government's budget is initially balanced. the production function, consumption function and investment function can be represented as follows y equals k to the power of alpha l to the power of 1 minus alpha end exponent c equals c subscript 0 plus b left parenthesis y minus t right parenthesis i equals i subscript 0 minus d r suppose that taxes increase. what happens to the equilibrium level of output?

Answers: 1

Answer

You know the right answer?

Perpetual: Income effects of inventory methods LO A1

Laker Company reported the followi...

Questions