Lauer Corporation provided the following information about one of its laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 250 $ 950 5/5 Purchase 350 $ 1,050 8/10 Purchase 450 $ 1,150 10/15 Purchase 275 $ 1,200 During the year, Lauer sold 1,125 laptop computers. What was cost of goods sold using the FIFO cost flow assumption

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?