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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 148 units @ $6.00 = $ 348 100 units @ $ 15 60 units @ $5.88 300 80 units@ $ 15 180 units @ $4.50 = 380 units $1,950 180 units 810 Required: 1. Complete 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.) Answer is complete but not entirely correct. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 2.700 S 2,700 S 2,700 S 2.700 (1,025) (923) (1,040) (910) 1,675 1,777 1,660 1,790 (1 250) (1 250) (1 250) (1 250) Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 425 527 410 540 (170) 255 (211) 316 (164) 246 (216) 324 S S IS S