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 Units sold at Activities Unito Required at Cost Retail Beginning 190 unit $10.50 - $1,890 inventory Jan. 10 Sales 140 units@ $19.50 Jan. 20 Purchase 110 units@$ 9.50 - 1,045 Jan. 25 Sales 130 units@ $ 19.50 Jan. 30 Purchase 260unta $ 9.00 - 2,340 Potals 550 units $5,275 270 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 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 $1.550 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 SpecifiWeighted IdentifianFO LIFO Sales Cost of goods cold 2. Which method yields the highest net income? Specific identification FIFO LIFO "Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? "Yes NO 4. If costs were rising instead of falling, which method would yield the highest net income? "Weighted average LIFO "FIFO Specific identification