Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory220 units$8.40$1,848 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Sold at Retail 125 units @$16.40 215 units @$16.40 Activities ts Acquired at Cost 290 units 160 units 670 units $7.402,146 $6.40,024 $5,018 Totals 340 units Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,300, and that the applicable income tax rate is 35%. (Do not round your Intermediate calculations.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 Which method yields the highest net income? FIFO Weighted average Specific identification LIFO Does net income using weighted average fall between that using FIFO and LIFO? Yes No If costs were rising instead of falling, which method would yield the highest net income? Weighted average FIFO LIFO Specific identification