Saved 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 sold at Retail Units Acquired at Cost 160 units@ $8.50 - $1,360 I 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 100 units@ $7.50 - 750 120 units @ $17.50 220 units@ $7.00 - 480 units 1,540 $3,650 240 units Totals o Required information LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO + 5 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income es 2. Which method yields the highest net income? O Weighted average O FIFO Specific identification OLIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? O No O Yes 4. If costs were rising instead of falling, which method would yield the highest net income? O Weighted average Specific identification OLIFO O FIFO