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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 - $ 840 Jan. 10 Sales Jan. 20 Purchase 100 units @ $15 60 units @ $5.00- 300 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase Totals 180 units @ $4.50 - 380 units 810 $1,950 180 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assum- expenses are $1,250, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal place LAKER COMPANY Income Statements For Month Ended January 31 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Specific Identification Weighted Average FIFO LIFO