Check B 2012 Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Laker Company reported the following January purchases and soles data for its only product Un sold at Date Activities Units Agained at cost Metal Jan. Beginning inventory 140 units 36.00 -840 Jan. 10 sales 100 unit. $15 Jan. 20 Purchase 60 units $5.00 300 20 units $15 Jan. 30 Purchase 180. units 54.50 810 Totals $1,950 180 units Book Jan. 25 Balon 380 units Hint 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 a brance 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 $1.250, 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 Specing Wolghind S Saved 3 Required Information Part 2 of 2 Required: 1. Complete comparative income statements for the month 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 2 points LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average eBook FIFO LIFO Hint Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Not Income Print References 2. Which method yields the highest net income? UFO Specific identification M 3 Required information Specific identification It 2 of 2 Weighted average FIFO its 3. Does net income using weighted average fall between that using FIFO and LIFO? eBook No Hint Yes Print 4. If costs were rising instead of falling, which method would yield the highest net income? Herences Specific identification LIFO FIFO Weighted average