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 145 units $7.00 = $1,015 Units sold at Retail 105 units @ $16.00 70 units @ $6.00 = 420 85 units @ $16.00 190 units $5.50 = 1,045 405 units $2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 $1,300 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 $ 9,800 Cost of goods sold Gross profit 9,800 0 0 0 Expenses Income before taxes 9,800 0 0 0 Income tax expense Net income $ 9,800 $ 0 $ 0 $ 0