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 Acquired at Cost 170 units@ $9.50 - $1,615 Units sold at Retail 130 units @ $18.50 Date Activities Jan 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 120 units@ $8.50 = 1,020 130 units @ $18.50 1,920 240 units @ $8.00 - 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 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 $1,550 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LIFO FIFO 4,810 $ 4,810 Sales Cost of goods sold Gross profit Expenses Income before taxes LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 4,810 $ 4,810 $ 2,355 2,455 4,810 1,550 1,550 905 3,260 362 $ 543 $ 3,260 $ 4,810 1,550 4,810 1,550 3,260 3,260 Income tax expense Net income 3,260 $ 3,260