Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question 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 Units Required at Cost 225 units 515.00 - $3.375 175 units $24.00 166 points Date Activities Jan. 1 Beginning westery Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 unitse $14.00 - 2.520 210 units $24.00 313.50 - 250 unit 755 unita 4125 $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 $2,100 and that the applicable income tax rate is 40% (Round your intermediate calculations to 2 decimal places.) DE 119 P E CXW888 Required information Part 2 of 2 1.66 points LIFO Answer is complete but not entirely correct. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO 9.240 $ 9.240 $ 9.240 9240 5,600 5,611 5.615 5515 3.540 3.629 3,625 3.725 2.100 2,100 2.100 2,100 1,540 1,529 1,525 1.525 616 612 610 622 $ 924 $ 917 $ 915 $ 1.003 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income