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. The Company uses a perpetual inventory system. 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. quired: Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume penses are $1,250 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 2. Which method yields the highest net income? FIFO Specific identification Weighted average LIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? Specific identification LIFO Weighted average FIFO