[The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 205 units@ $13.00 $2,665 Units sold at Retail 165 units @ $22.ee Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units @ $12.00 1,680 145 units @ $22.00 310 units 655 units $11.50 - 3,565 $7,918 31e units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,900, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) Required information 2. Which method yields the highest net income? ed Weighted average FIFO Specific identification LIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? ces No Yes 4. If costs were rising instead of falling, which method would yield the highest net income? 3. Does net income using weighted average fall between that using FIFO and LIFO? ONo Yes 4. If costs were rising instead of falling, which method would yield the highest net income? LIFO Specific identification Weighted average FIFO arch