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. Units sold at Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 140 units $6.00$840 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Retail 100 units e 15 80 unitse 1!5 60 units $5.00 300 180 units $4.50 380 units 810 Totals $1,950 180 units For specific identification, ending inventory consists of 200 units, where 180 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 $1,250, 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 Answer is not complete Complete this question by entering your answers in the tabs below Required 1Required 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 $1,250, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) KER COMPA Income Statements For Month Ended January 31 Specific Identification $ 2,700.00 Weighted Averag FIFO LIFO Sales Cost of goods sold Gross profit 2,700.00 ,250.00 1,450.00 0.00 0.00 0.00 Income before taxes Income tax 0.00 0.00 0.00 Net income $1,450.00 0.00 $ 0.00 0.00