Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase Totals Units Acquired at Cost Units sold at Retail 165 units@ $9.00 = $1,485 125 units @ $18.00 110 units $8.00 = 88e 125 units $18.ee 250 units@ $7.50 1,875 525 units $4,240 250 units Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,500, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) Comparative income statements for the month of January for Laker expenses are $1,500, and that the applicable income tax rate is 40%. (Round yo LAKER COME ANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 4,500 $ 4,500 $ 2,145 2,355 4,500 1,500 1,500 855 3,000 342 $ 513 $ 3,000 $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income LIFO 4,500 FIFO 4,500 $ 2,165 2,335 1,500 835 334 501 $ 4,500 1,500 3,000 IA 3,000 Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase Totals Units Acquired at Cost Units sold at Retail 165 units@ $9.00 = $1,485 125 units @ $18.00 110 units $8.00 = 88e 125 units $18.ee 250 units@ $7.50 1,875 525 units $4,240 250 units Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,500, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) Comparative income statements for the month of January for Laker expenses are $1,500, and that the applicable income tax rate is 40%. (Round yo LAKER COME ANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 4,500 $ 4,500 $ 2,145 2,355 4,500 1,500 1,500 855 3,000 342 $ 513 $ 3,000 $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income LIFO 4,500 FIFO 4,500 $ 2,165 2,335 1,500 835 334 501 $ 4,500 1,500 3,000 IA 3,000