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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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units @ $14.50 = $ 3,190 170 units @ $23.50 170 units @ $13.50 = 2,295 200 units @ $23.50 370 units @ $13.00 = 4,810 760 units $10,295 370 units Exercise 6-6 Periodic: Income effects of inventory methods LO A1 6-5A Periodic: Inventory costing LO P3 Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) LAKER COMPANY 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 2. Which method yields the highest net income? Specific identification O FIFO OLIFO Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? O NO O Yes 4. If costs were rising instead of falling, which method would yield the highest net income? O FIFO Weighted average Specific identification OLIFO 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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units @ $14.50 = $ 3,190 170 units @ $23.50 170 units @ $13.50 = 2,295 200 units @ $23.50 370 units @ $13.00 = 4,810 760 units $10,295 370 units Exercise 6-6 Periodic: Income effects of inventory methods LO A1 6-5A Periodic: Inventory costing LO P3 Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) LAKER COMPANY 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,050, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 2. Which method yields the highest net income? Specific identification O FIFO OLIFO Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? O NO O Yes 4. If costs were rising instead of falling, which method would yield the highest net income? O FIFO Weighted average Specific identification OLIFO