Return to question 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 units $ 9.50 2,565 Total 555 units $5,600 270 units 12 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.) Answer is complete but not entirely correct. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO $ 5.400$ 5,400S 5,400 $ 5.400 2,875 2,881 2,885 2,870 2,525 2,519 2,515 2,530 1.700 1.700 1,700 1,700 825 819 330 328 326 332 495 S 491 $ 489 $ 498 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 815 830