Ch 05 Homework A Saved Help Save & Exit Sub Check my work Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.] Part 2 of 2 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail 2.5 Units Acquired at Cost 150 units@ $7.50 - $1,125 points 110 units @ $16.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 80 units@ $6.50 - 520 90 units @ $16.50 eBook 200 units@ $6.00 = 430 units 1,200 $2,845 200 units Hint Print References 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. 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 $1,350 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 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 $1,350 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 3,300 $ 3,300 1,425 1,323 1,875 1,977 1,350 1,350 525 627 2101 251 $ 315 $ 376 LIFO 3,300 1,200 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense FIFO 3,300 1,450 1,850 1,350 500 200 300 2,100 1,350 750 300 450 Net income $ $