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. of 3 Units sold at Retail 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 200 units @ $12.50 - $2,500 130 units@ $11.50 = 1,495 300 units@ $11.00 - 3,300 630 units $7,295 140 units @ $21.50 SOK 300 units int SK The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 330 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inven rint rences 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 metho expenses are $1,850 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decl LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO w of 3 Required: 1. Complete comparative Income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,850 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 Weighted Identification Average Jook FIFO LIFO Ask Pant Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 1,850 (1.850) 0 1,850 (1 850) 0 1,850 (1.850) 0 1 850 (1,850) erences S (1,850) S (1.850) S (1.850) $ (1850)