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 140 units$6.00-$840 Date Dan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Dan. 25 Sales Jan. 30 Purchase 100 units $15 60 units $5.00300 80 units 15 180 units $4.50- 380 units 810- $1,950 180 units Totals 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