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 185 units & $11.00 - $2,035 Jan. 10 Sales 145 units $20.00 Jan. 20 Purchase 100 units $10.00 - 1.poo Jan. 25 Sales 125 units $20.00 Jan. 30 Purchase 270 unitse $ 9.50 - 2,565 Totals 555 units $5,600 270 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,700, 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 (1) 000 Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income (1) 000 OSOS SO 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 185 units $11.00 - $2,035 Jan. 10 Sales 145 units @ $20.00 Jan. 20 Purchase 100 units $10.00 - 1,000 Jan. 25 Sales 125 units $20.00 Jan. 30 Purchase 270 unitse $ 9.50 - 2,565 Totals 555 units $5,600 270 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Determine the cost assigned to ending Inventory and to cost of goods sold using (a) specific identification () weighted average. (FIFO, and (d) LIFO. Complete this questions by entering your answers in the below tabs. Specfic id Weighted Average FIFO UFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending invento 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per available for of units unit units Cost per sold unit Cost of Goods Sold Ending Inventory of units Cost Ending In ending per unit Inventory Inventory 10 $11.00 $ 110 Sale 185 $11.00 $ 2,035 175 5 11.00 $ 1,925 Beginning inventory Purchases Jan 20 95 $ 10.00 100 270 $ 10.00 $ 9.50 1.000 2,565 9501 [ 5 270 $10.00 $ 9.50 Jan 30 50 2,565