The following information applies to the questions displayed below aker Company reported the following January purchases and sales data for ts only product Date Activities Units Aequired at Cost Units sold at Retail Beginning inventory 165 units $9.00- $1,485 110 units $8.00-880 250 units @ $7.50.-.875- Jan. 1 125 units $18.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 125 units $18.00 Totals 525 units $4,240 250 units Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,500, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) Income Statements For Month Ended January 31 Specific Weighted FIFO LIFO Cost of goods sold Gross profit ,040 3,460 i Income before taxes 960 Net inconme Prey1 of 22 Next >