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 Cost 190 units@ $7.00 - $1,330 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $6.00 = 660 130 units @ $16.00 280 units@ $5.50 580 units 1,540 $3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost Date Cost of Goods Inventory per units sold per # of units per unit Sold unit unit Balance $ January 1 190 $ 7.00 = 1,330.00 January 10 150 $7.00 $ 7.00 1,050.00 January 20 110 @ $6.00 $ 7.00 @ $ 6.00 @ 13 January 25 January 30 Totals Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,750 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 Weighted Identification Average LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income FIFO