Stockton Corporation uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 105 units from beginning inventory and 215 units from the March 5 purchase the March 29 sale consisted of 45 units from the March 18 purchase and 65 units from the March 25 purchase. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $3, 600, and that the applicable income tax rate is 39%. Stockton Corporation uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 105 units from beginning inventory and 215 units from the March 5 purchase the March 29 sale consisted of 45 units from the March 18 purchase and 65 units from the March 25 purchase. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $3, 600, and that the applicable income tax rate is 39%