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. Units sold at Retail Units Acquired at Coat 215 unit @ $14.00 - $3,010 165 units @ $23.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 160 unita@ $13.00 - 2,080 190 units @ $23.00 $12.50 - 330 units 705 units 4,125 $9,215 355 unita The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 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 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,000 and that the applicable income tax rate is 10% (Round your Intermediate calculations to 2 decimal places) of 2 Answer is complete but not entirely correct. FIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 2,700 $ 2,700 923 1,032 1,777 1,668 1.250 1.250 527 418 170 167 X 357 $ 251 2,700 1,040 1,660 1.250 410 164 246 LIFO $ 2,700 1,020 1.680 1.250 430 172 $ $