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 Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 175 units@ $10.00 = $1,750 Jan. 18 Sales 135 units @ $19.80 Jan. 20 Purchase 130 units@ $ 9.00 = 1,170 Jan. 25 Sales 148 units @ $19.80 Jan. 30 Purchase 250 units @ $ 8.50 = 2,125 Totals 555 units $5,845 275 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 25 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 $1,600 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 $ 5,225 $ 5,225 s FIFO LIFO 5,225 s 5,225 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 5.225 1,600 3,625 5,225 1,600 3,625 5,225 1,600 3,625 5,225 1,600 3,625 $ 3,625 S 3,625 S 3,625 09 3,625