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 Dete an. 1 einnvnry 22 untse .- 53,10 vities Acquired at Costnits sold at Retail 170 units$23.50 200 units $23.50 170 units@ $33.58- 2,295 3am. 25 Sales n30 Purchase Totals ,05 30 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 340 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 $2,050, and that the applicable income tax rate is 40% (Round your Intermediate calculations to 2 decimal places.) LAKER C Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross proft Expenses Income before taxes ncome tax expense Net income 2. Which method yields the highest net income? OLIFO Specific identification