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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 160 units@ $8.50 = $1,360 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $7.50 = 750 120 units @ $17.50 220 units@ $7.00 = 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,450 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LIFO $ $ Sales Cost of goods sold Gross profit LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 4,200 $ 4,200 2,073 X 1,954 2,127 2,246 1,450 1,450 677 796 271 X 318 406 $ 478 FIFO 4,200 1,960 2,240 1,450 790 316 474 Expenses Income before taxes 4,200 1,940 2,260 1,450 810 324 486 Income tax expense Net income $ $

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