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 Units Acquired at Cost 175 units @ $10.00 Units sold at Retail = $1,750 Jan. 10 Sales Jan. 20 Purchase 135 units @ $19.00 130 units @ $ 9.00 = 1,170 Jan. 25 Sales Jan. 30 Purchase Totals 140 units @ $19.00 250 units@ $ 8.50 = 2,125 555 units $5,045 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $1,600 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,600 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold $ 2,644 2,625 2,650 2,740 Gross profit (2,625) 2,644 (2,650) (2,740) Expenses Income before taxes (2,625) 2,644 (2,650) (2,740) Income tax expense Net income $ (2,625) $ 2,644 $ (2,650) $ (2,740)