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. Units Acquired at Cost 200 units @ $12.50 = $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Retail 160 units @ $21.50 140 units @ $21.50 130 units @ $11.50 = 1,495 300 units @ $11.00 = 630 units 3,300 $7,295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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. Assume expenses are $1,850 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 6,450 $ 6,450 FIFO 6,450 LIFO $ 6,450 $ 6,450 6,450 6,450 6,450 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 6,450 6,450 6,450 6,450 $ 6,450 $ 6,450 $ 6,450 $ 6,450