Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 390 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Activities Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units @ $14.50 = $ 3,190 170 units @ $23.50 170 units @ $13.50 = 2,295 200 units @ $23.50 370 units @ $13.00= 4,810 760 units $10, 295 370 units Exercise 5-6A Periodic: Income effects of inventory methods LO A1, P3 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 8,695 $ 8,695 $ LIFO 8,695 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 8,695 (2,050) 6,645 8,695 (2,050) 6,645 FIFO 8,695 $ (5,215) 3,480 (2,050) 1,430 (572) 858 $ 8,695 (2,050) 6,645 $ 6,645 $ 6,645 $ 6,645