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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.

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 Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 160 units @ $ 8.50 = $ 1,360
Jan. 10 Sales 120 units @ $ 17.50
Jan. 20 Purchase 100 units @ $ 7.50 = 750
Jan. 25 Sales 120 units @ $ 17.50
Jan. 30 Purchase 220 units @ $ 7.00 = 1,540
Totals 480 units $ 3,650 240 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required:

1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,450, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)

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