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 225 units@ $15.00 Units sold at Retail Activities Date = $ 3,375 1 Beginning inventory Jan $24.00 175 units @ Jan. 10 Sales 180 units@ $14.00 Jan. 20 Purchase 2,520 210 units @ $24.00 Jan. 25 Sales 350 units@ $13.50 = 4,725 Jan. 30 Purchase 385 units 755 units $10,620 Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 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. Assume expenses are $2,100 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 Weighted Specific FIFO Identification Average LIFO Sales Cost of goods sold Gross profit 0 0 0 0 Expenses 2,100 2,100 2,100 2,100 (2,100) (2,100) Income before taxes (2,100) (2,100) Income tax expense (2,100) $ (2,100) (2,100) $ (2,100) $ Net income