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Comment is not available since I am not going to check this one
...and suckers keep trying to post junk information. I am sick of it.

Anyway, Good luck :]
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[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
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.
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Round cost per unit to 2 decimal places.)
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)
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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.
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.)
Which method yields the highest net income?
Does net income using weighted average fall between that using FIFO and LIFO?
If costs were rising instead of falling, which method would yield the highest net income?
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[The following information applies to the questions displayed below.]
Hemming Co. reported the following current-year purchases and sales for its only product.
Hemming uses a perpetual inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Sales revenue (880 units sold × $40 selling price) = $35,200
Sales revenue (880 units sold × $40 selling price) = $35,200
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Hemming Co. reported the following current-year purchases and sales for its only product.
Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following.
a) Cost of Goods Sold using Specific Identification
b) Gross Margin using Specific Identification

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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.
Compute its current ratio, inventory turnover, and days' sales in inventory for 2015 using (a) LIFO numbers and (b) FIFO numbers.
(a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2015 using LIFO numbers.
(b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2015 using FIFO numbers.
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