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%.

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 Cost Units sold at Retail Jan. 1 Beginning inventory 220 units@ $14.50 - $3,190 Jan. 10 Sales Jan. 20 Purchase 170 unitse $13.50 - 170 units e $23.50 2,295 Jan. 25 Sales 200 units $23.50 Jan. 30 Purchase 340 unitse $13.00 - 4, 420 Totals 730 units $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 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 $2,050 and that the applicable income tax rate is 40% (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 0 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 0 0 0 0 $ 0 $ 0 $ 0 $ 0