! 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. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $7.80 = $1,330 150 units @ $16.ee 110 units @ $6.80 = 130 units @ $16.ee 280 units @ $5.50 - Totals $3,530 Date 660 Jan. 19 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 1,540 580 units 280 units 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. Prepare comparative Income statements for the month of January for Laker Company for the four Inventory methods. Assume expenses are $1,750, 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 yleld the highest net Income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750, 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 $ 0.00 0.00 $ 0.00 S 0.00 Expenses Income before taxes 0.00 $ 0.00 $ 0.00 $ 0.00 Income tax expense Net income $ 0.00 $ 0.00 0.00 0.00