Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Laker Company reported the following January purchases and sales data for its only product. Units Sold at Retail Units Acquired at Cost 230 units @ $8.60 = $1,978 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 300 units 170 units @ $7.60 = @ $6.60 = 2,280 1,122 130 units @$16.60 225 units @ $16.60 Totals 700 units $5,380 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 170 are from the January 30 purchase, 80 are from the January 20 purchase, and 95 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,400, and that the applicable income tax rate is 39%. (Do not round your Intermediate calculations.) 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