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. The Company uses a periodic Inventory system. For specific identification, ending inventory consists of 305 units, where 275 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 175 units $10.00 - $1,750 Jan. 10 Soles 135 units $19.00 Jan. 20 Purchase 130 units $9.00 - 1.270 Jan. 25 Sales 140 units $19.00 275 units@ $ 0.00 2,200 Totals 500 units $5,120 275 units Date San. 30 Purchase Required 1. Complete comparative income statements for the month of January for Lakes Company for the four inventory methods. Assume expenses are $1500, and that the applicable income tax rate is 40 Round your average cost per unit to 2 decimal places.) : P FEE Required 1. Complete comparative income statements for the month of Januar foi Laker Company for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 0 0 5 DS 05 5 0