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 155 units@ $8.00 = $1,240 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 115 units @ $17.00 90 units@ $7.00 630 95 units @ $17.00 210 units @ $6.50 = 455 units 1,365 $3,235 Totals 210 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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 $1,400 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LIFO LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 3,570 $ 3,570 1,595 1,975 3,570 1,400 1,400 575 2,170 FIFO 3,570 $ $ 3,570 Sales Cost of goods sold Gross profit Expenses Income before taxes 3,570 1,400 3,570 1,400 2,170 2,170 Income tax expense 230 345 Net income $ $ 2,170 $ 2,170 $ 2,170