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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Returnt Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 140 units @ $6.00 = $ 840 Part 2 of 2 100 units @ $15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units @ $5.00 = 300 80 units @ $15 10 points 180 units @ $4.50 380 units 810 $1,950 180 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 20 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are fro beginning inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory m Assume expenses are $1,250 and that the applicable income tax rate is 40%. (Round your Intermediate calculatic decimal places.) % Answer is complete but not entirely correct. LAKER COMPANY Income Statements Check my w Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250 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 Weighted Identification Average $ 2,700 $ 2,700 1,025 1,614 1,675 1,086 1,250 1,250 425 (164) 1707 (66) 255 $ (230) Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 1.020 FIFO LIFO 2,700 $ 2,700 1,0407 1,6601 ,680 1.250 410 164 246 $ 258 $ 2. Which method yields the highest net income? of 11 Next >

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