Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%. 2. Which method yields the highest net income? 3. Does net income using weighted average fall above, between, or below that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, 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 FIFO LIFO $ 0.00 $ 0.00 $ 0.00 $ 0.00 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 30 888 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%. 2. Which method yields the highest net income? 3. Does net income using weighted average fall above, between, or below that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, 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 FIFO LIFO $ 0.00 $ 0.00 $ 0.00 $ 0.00 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 30 888