! Required information Use the following information for the Exercises below. [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 405 units, where 385 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Units Acquired at Cost Units sold at Retail 225 units @ $15.00 = $ 3,375 175 units @ $24.00 Date Activities Jan. Beginning 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units @ $14.00 = 2,520 210 units @ $24.00 385 units @ $13.00 = 5,005 $10,900 790 units 385 units Exercise 5-6A Periodic: Income effects of inventory methods LO A1, P3 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,100, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) X Answer is complete but not entirely correct. LAKER COMPANY FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 9,420 $ 9,420 X $ (5,600) (5,312) 3,820 4,108 (2,100) (2,100) 1,720 2,008 (688) X (803) X $ 1,032 $ 1,205 $ 9,420 X $ (5,615) 3,805 (2,100) 1,705 (682) X 1,023 $ 9,420 (5,005) 4,415 (2,100) 2,315 (926) X 1,389 Income tax expense Net income