ek my work 2 art 1 of 2 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 Units sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units@ $6.00 = $ 840 Jan. 10 Sales 100 units@ $15 Jan. 2e Purchase 60 units@ $5.00 300 Jan. 25 Sales 80 units@ $15 Jan. 30 Purchase 180 units@ $4.50 Totals 380 units $1,950 180 units 810 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 Check my work 3 Required information Required: Part 2 of 2 1. Complete comparative income statements for the month of January for Loker Company for the four inventory methode. 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 Skoped FIFO LIFO Book ol 0 01 P Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 O 0 References $ OS os 0 $ 0 2. Which method yields the highest net income? Part 2 of 2 2 points Specific identification Weighted average FIFO OLIFO Skiped olos 3. Does net income using weighted average fall between that using FIFO and LIFO? IN O No Yes Tooforence eBook 4. If costs were rising instead of falling, which method would yield the highest net income? Hint Print References O Weighted average OLIFO O Specific identification O FIFO Me Graw HII