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Required information 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 Units Acquired at Costil Units sold at Retail Jan 1. Beginning Inventory 195 units $12.00 - $2,50 Jan 10 Sales 155 units @ $21.00 Jan. 20 Purchase 120 units $11.00 1, 120 7an. 25 Sales 135 units $21.00 Jan. 30 Purchase 250 units $10.50 Totals 60 units 56.705 290 units The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 315 units, where 200 are from the January 30 purchase 5 are from the January 20 purchase, and 20 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 $1.800 and that the applicable income tax rate is 40% (Round your intermediate calculations to 2 decimal places.) WANITA ! Required information LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net Income 2. Which method yields the highest net income

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