Complete comparative income statements for the month of January for Laker Company for the four Inventory Methods. Assume expenses are $1,600, and that the applicable income tax rate is 40%.

Exercise 5-4 Perpetual: Income effects of inventory methods LOA Required: 1. Complete comparative income statements for the month of January for Laker Com expenses are $1,600, and that the applicable income tax rate is 40%. (Round your In Answer is complete but not entirely correct. LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 5.225$ 5,2250 s 5.225($ 5.225 2,605 1,600 1,600 1,600 o 1,600 2,625 2,600 2,5202,6502,620 2,705 2,575 1000403 400 600 S 1,105 975 1,005 702 S 585 603 2. Which method yields the highest net income?