0 Required information Use the following information for the Exercises below. [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 periodic inventory system. For specific identification, ending inventory consists of 290 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Activities Units Aquired at contunits old at Rotate Jan. 1 Beginning inventory 180 unitse $10.50 - $1,890 Jan. 10 Sales 140 units $19.50 Jan. 20 Purchase 110 units & $ 9.50 - 1,045 Jan. 25 Sales 130 units $19.50 Jan. 30 Purchase 270 units $ 9.00 - 2,430 Totals 560 units $5,365 270 unit Exercise 5-6A Periodic: Income effects of inventory methods LO A1, P3 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) Required information Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, 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 Weighted Identification Average FIFO LIFO 0 0 0 5,367 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 0 0 5.367 $ 0 $ 0 $ OS 5.367 2. Which method yields the highest net income? FIFO Weighted average LIFO Specific identification