The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product 215 units $14.00 $3,010 Jan. 25 Sales 198 units $23.00 Totals 785 units $9,215355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Required: expenses are $2,000, and that the applicable income tax rate is 40% (Round your Intermediate calculations to 2 decimal p aces.) Income LIFO