Help The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product Units Acquired at Cost 200 units $12.50 - $2.500 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Retail 160 units $21.se 140 units $21.50 130 units $11.se - 1,495 300 units 630 units $11.00 - 3,300 $7,295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-6 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 $1,850, and that the applicable income tax rate is 40% 2. Which method yields the highest net income? 3. Does net income using weighted average fall between that using FIFO and UFO? 4. If costs were rising instead of falling, which method would yield the highest net income Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,850, 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 0.00 0.00 0.00 0.00 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0.00 0.00 0.00 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 Dead 2 (Prey 4 of 5 Next > Compiere uns que LIUI Y LuLLry YUUI UMJULIJM LL LUUJU ipped Required 1 Required 2. Required 3 Required 4 Book Print Which method yields the highest net income? erences Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Does net income using weighted average fall between that using FIFO and LIFO? Does net income using weighted average fall between that using FIFO and LIFO? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If costs were rising instead of falling, which method would yield the highest net income? Which method would yield the highest net income?