be Maps Help Saved Units sold at Retail Units Acquired at cost 220 unitse $14.50 - $3,190 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totala 170 unitse $13.50 - 2,295 340 unitse $13.00 - 4,420 730 units 59,905 170 units $23.50 200 units # $23.50 370 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 ore from beginning inventory Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 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 10% (Round your intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 8,6955 8,6955 FIFO LIFO 8,6955 8.095 Bales Cost of goods sold Gross profil Expenses Income before taxes Income tax expense Netvoro 8,695 2.050 6,645 8,095 2.050 6,645 8.095 2,050 3.645 8.095 2.050 0,646 0.045 $ 6,645 6,645 5 5 6,645 5 12