Use the following information for the Exercises below. The sowowing nformation appies to the questions displayed below, Laker Company reported the following January purchases and sales data for its only product. Units sold at Date Activities Units Acquired at Cost Jan. inventory Beginning ng200 unitse$12.50-$2,500 160 units $21.50 Jan.10 Sales Jan.20 Purchase 130 units$11.50- 1,495 Jan.25 Sales Jan.30 Furchase 300 unitses11.00-3,300 140 units $21.50 Totals 630 units $7,295 300 units Exercise 6-6 Periodic: Income effects of inventory methods LO A1 Required: 1. Complete comparatve 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 average cost per unit to 2 decimal places.) Income Statements For Month Ended Ja 31 Specific Weighted Sales Cost of goods sold Gross Income before taxes Income tax Net income 2. Which method ylelds the highest net income? FIFO Welighted average LIFO Specific identification 3. Does net income using weighted average fall between that using FIFO and LIFO