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

@ $8.60

=

$

1,978

Jan.

10

Sales

130

units

@$16.60

Jan.

20

Purchase

300

units

@ $7.60

=

2,280

Jan.

25

Sales

225

units

@$16.60

Jan.

30

Purchase

170

units

@ $6.60

=

1,122

Totals

700

units

$

5,380

355

units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 170 are from the January 30 purchase, 80 are from the January 20 purchase, and 95 are from beginning inventory.

1.

Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,400, and that the applicable income tax rate is 39%. (Do not round your Intermediate calculations.)

LAKER COMPANY
Income Statements
For Month Ended January 31
	Specific	Weighted
	Identification	Average	FIFO	LIFO
Sales
Cost of goods sold
Gross profit	0	0	0	0
Expenses
Income before taxes	0	0	0	0
Income tax expense
Net income	$0	$0	$0	$0