Required information LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO 4,480 S Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 4,480 S 4,480 $ 4,480 1.8701850) (1,855) 2,625 (1,865) 2,615 1,750 865 (1,850) 2,610 1,750 860 2,630 1,750 1,750 875 350 525 $ 880 865 S 860 $ 880 2. Which method yields the highest net income? Specific identification FIFO