Due Loker Company reported the following January purchases and sales data for its only product Units Acquired at Cost tits solat Retail Jan 1 Beginning inventory 140 units @ $6.00 $340 Jan. 10 Sales 100 units 515 Jan. 20 Purchase 60 units @ $5.00 - Jea Jan. 25 Sales 80 units $15 Jan. 30 Purchase 180 units @ $4.50 818 Totals 389 units $1,950 180 units 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 ore from beginning inventory Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative Income statements for the month of January for Lancer Company for the four inventory methods: Assume expenses are $1250 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 FIFO LIFO Sales Cost of goods sold Gross profit perises income before lexes Income pense Ne income Prey 2 of SIH Next > 2. Which method yields the highest net income? OLIFO O FIFO Specific identification O Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? Yes 4. If costs were rising instead of falling, which method would yield the highest net income? Weighted average LIFO FIFO Specific identification so