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Required Informatlon 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. Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Acquired at Cost 160 units@ $8.50 -$1,360 100 units @ $7.50 750 220 units @ 57.00 1,540 Units sold at Retail 120 units$17.50 120 units$17.50 240 units Totals 480 units $3,650 The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory 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 $1,450, and that the applicable income tax rate is 40%. (Round your intermediate calculations to 2 decimal places.) AKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 2. Which method yields the highest net income? Weighted average O LIFO O FIFO Specific identification 3. Does net income using weighted average fall between that using FIFO and LIFO? O No O Yes 4. If costs were rising Instead of falling, which method would yleld the highest net Income? O FIFO Weighted average Specific Identification O LIFO