please answer clearly.

Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product Units Acquired at Cost 190 units 57.00 - $1,330 Units sold at Retail 150 units $16.00 Date Activities Jan. 1 Beginning inventory Dan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 560 110 units 36.00 280 units $5.50 - 1.30 units @ $16.00 1.540 500 units 53,530 280 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 Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1750 and that the applicable income tax rate is 10% (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 21 Specific Weighted Identification Average FIFO LIFO 0 Sales Cost of goods sold Gross profit Expenses income before taxes Income tax expense Net Income 0 0 05 OS $ 05 I pray HE Nax) Required information Net income $ 0 0 $ 0 $ 0 2. Which method yields the highest net income? Specific identification O FIFO O Weighted average OLIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? Yes O No 4. If costs were rising instead of falling, which method would yield the highest net income? O FIFO LIFO Specific identification Weighted average