[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 180 units@ $10.50 = $1,890 140 units @ $19.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $ 9.50 = 1,045 130 units @ $19.50 260 units@ $ 9.00 = 550 units 2,340 $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 $1,650, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) FIFO LIFO LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 5,265 $ 5,265 2,730 2,535 5,265 1,650 885 5,265 354 $ 531 $ 5,265 $ 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 0 0 $ 0