Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 230 units@ $15.50 - $ 3,565 Jan. 10 Sales 180 units @ $24.50 Jan. 20 Purchase 190 units@ $14.50 2,755 Jan. 25 Sales 220 units @ $24.50 Jan. 30 Purchase 360 units $14.00 - 5,040 Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 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 $2,150, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 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 $2,150, 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 $ 9,800 $ 9,800$ 9,800S 9,800 Cost of goods sold 5,867 5,816 6,030 5,600 Gross profit 3,933 3,984 3,770 4,200 Expenses 2,150 2,150 2,150 2,150 Income before taxes 1,783 1,834 1,620 2,050 Income tax expense 713 734 X 734 X 713 X Net income $ 1,070 $ 1,100 $ 886 S 1,337 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect, no points deducted