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 Units sold at Retail 140 units @ $6.00 = $ 840 100 units @ $15 60 units @ $5.00 - 300 80 units @ $15 180 units @ $4.50 = 810 380 units $1,950 189 units Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Cost of goods sold Gross profit 0 2. WHICT memou yields the nighest net income! Specific identification Weighted average LIFO FIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? FIFO Specific identification Weighted average TIFO