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%.

0 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 sales data for its only product 50 points Book 75 units8 510.60 $1,750 10 unitse 59.00- 1,17 250 units9 8.50-2-12 an1 Beginning Inventery an. 1 Sales le, 20 Purchase 135 units $19.8 140 units $19.8 an. 25 Sales Totals sss units 5,045 27 unies The Company uses a perpetual inventory system For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory ferences 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 $1.600, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) ome Statements For Month Ended January 31 Return to que an4 purcnase an. 25 Sales an. 30 Purchase 148 units $19.89 250 units 555 units 8.52,125 Totals $5,045 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory co 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventoy nsists of 280 units, where 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 (Round your intermediate caiculations to 2 decimal places) 3 Answer is complete but not entirely correct. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses income before taxes Income tax expense Net income S 5,2255,225 s 5.225s 5,225 2,625 2,520 2602620 2,605 2,600 2,705 2,575 6000 160001 1600011600 400 0 403 390 402 1,000 1,105 975 1,005 600 702 585 603