Laker Company reported the follwoing January purchases and sales data for its only product.

The company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units , where 280 are from the January 30 purchase 5 are from the January 20 purchase, and 15 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 $1,750 and that the applicable income tax rate is 40% ( Round your intermidiate calculations to 2 decimal places)

Required information Use the following information for the Exercises below. The following information applies to the questions displayed below! Laker Company reported the following January purchases and sales data for its only product Units cold at Retail Units Acquired at Cost 190 units @ $7.00 = $1,330 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 660 110 units @ $6.00 130 units @ $16.00 200 units @ $5.50 580 units 1,540 $3,530 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750 and that the applicable income tax rate is 40% (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average s 4.480P 5 4,4805 FIFO LIFO 4,480 5 14,480 4,480 4,480 4,480 4,480 Sales Cost of goods sold Groos prof Expontos Income before taxes Income tax expense Net income 4,480 4.480 4,480 4,480 $ 4.480 $ 4.480 s 4.4805 4.480