Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 240 units $16.50 = $ 3,960 Units sold at Retail Jan. 10 Sales 190 units @ $25.50 Jan. 20 Purchase 170 units@ $15.50 = 2,635 Jan. 25 Sales 190 units $25.50 Jan. 30 Purchase Totals 380 units@ $15.00 = 790 units 5,700 $12,295 380 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,250 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales $ 9,690 $ 9,690 $ 9,690 $ 9,690 Cost of goods sold 6,105 Gross profit 3,585 9,690 9,690 9,690 Expenses 2,250 2,250 2,250 2,250 Income before taxes 1,335 7,440 7,440 7,440 Income tax expense 534 534 534 534 Net income $ 801 $ 6,906 $ 6,906 $ 6,906