1 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 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units & 56.00 -5 340 100 units @ $15 60 units 55.00 300 80 units 515 180 units 54.50 810 380 units 51.950 180 units The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 200 units, where 180 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 morith of January for Laker Company for the four inventory methods Assume expenses are $1.250 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 S Cost of goods sold 2. Which method yields the highest net income? O Specific identification O FIFO OLIFO Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? Yes O No 4. If costs were rising instead of falling, which method would yield the highest net income? Weighted average O FIFO O UFO Specific identification