3 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 150 units @ $7.50 = $1,125 110 units @ $16.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales ho Jan. 30 Purchase Totals Part 2 of 2 520 80 units @ $6.50 = 90 units @ $16.50 200 units @ $6.00 = 430 units 1,200 $2,845 200 units 10 points The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $1,350 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) Answer is complete but not entirely correct. FIFO LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 3,300 $ 3,300 $ 1,450 X 1,420 X 1,850 1,880 1,350 1,350 500 LIFO 3,300 1,425 x Sales Cost of goods sold Gross profit Expenses Income before taxes 3,300 $ 1,440 X 1,860 1,350 510 1,875 1,350 525 530 Income tax expense 200 X 212 X 204 X 210 X $ Net income $ 300 $ 318 $ 306 315