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 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory, Date Activities Beginning Jan. inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Parehase Total Units Acquired at Cost Units sold at Retail 210 units $13.50 - $2,835 160 unito 322.50 150 units $12.50 1,075 180 units $22.50 340 units $12.00 - 4,080 700 units $8,790 340 units os Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1.950, 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 FIFO LIFO 0 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 0 0 $ 0 0 $ $ 0 0 $ 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 Yes 4. If costs were rising instead of falling, which method would yield the highest net income? Specific identification Weighted average O LIFO O FIFO