Required information [The following information applies the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost its Units sold at Retail Date 1 Beginning inventory 1! $1,125 7.50= 110 units $16.50 Jan. 10 Sales 80 units $6.50 = Jan. 28 Purchase 520 9e units $16.5e Jan. 25 Sales Jan. 30 Purchase 200 units $6.00= 1,200 Totals 430 units $2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,350, and that the applicable income tax rate is 40 %. (Round your Intermediate calculations to 2 decimal places.) Answer is not complete. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 3.300 S 3.300 S Sales ,300 3,300 1,390x Cost goods sold 1,425 Gross profit 1.875 1.910 3,300 3.300 Expenses Income before 1,350 1,350 1,350 1,350 560 1,950 525 1,950 taxes Income tax ense 210 224 315 336 1.950 1,950 Net income