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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. Date Activities Units Acquired at Copt Units sold at Retail Beginning 220 units @ $14.50 - $ 3, 190 Jan. 10 Sales 170 units @ $23.50 Jan. 20 Purchase 170 units@ $13.50 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 370 units @ $13.00 = 4,810 Totals 760 units $10,295 370 units Jan. 1 inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific W eighted Identification Average FIFO L IFO 000 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 SOLSOS 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. Date Activities Units Acquired at Copt Units sold at Retail Beginning 220 units @ $14.50 - $ 3, 190 Jan. 10 Sales 170 units @ $23.50 Jan. 20 Purchase 170 units@ $13.50 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 370 units @ $13.00 = 4,810 Totals 760 units $10,295 370 units Jan. 1 inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific W eighted Identification Average FIFO L IFO 000 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 SOLSOS

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