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complete comparive income

Laker Company reported the following January purchases and sales data for its only product. 22.89/30 Total points awar Units Acquired at Cost 145 units@ $7.- $1,015 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 105 units 70 units @ $6.00 = $16.00 420 85 units $16.ee 190 units 405 units $5.50 = 1,045 $2,489 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 $1,300 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 FIFO L IFO Sales 3,040 3,040 $ 3,040S 3,040 Cost of goods sold Gross profit 3,040 3,040 3,040 3,040 1,300 Expenses 1,300 1,300 1,300 1,740 Income before taxes 1,740 1.740 1.740 X 696 X Income tax expense 1,044 1.740 $ s 1,740 1,740 S Net income *Red text Indicates no response was expected in a cell or a formula-based calculation is incorrect, no points deducted

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