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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed...

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Accounting

Required information

Use the following information for the Exercises below.

[The following information applies to the questionsdisplayed below.]

Laker Company reported the following January purchases and salesdata for its only product.

DateActivitiesUnits Acquired at CostUnits sold at Retail
Jan.1Beginning inventory155units@$8.00=$1,240
Jan.10Sales115units@$17.00
Jan.20Purchase90units@$7.00=630
Jan.25Sales95units@$17.00
Jan.30Purchase210units@$6.50=1,365
Totals455units$3,235210units


The Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 245 units, where 210are from the January 30 purchase, 5 are from the January 20purchase, and 30 are from beginning inventory.

Exercise 5-4 Perpetual: Income effects of inventory methods LOA1

Required:
1. Complete comparative income statements for the month ofJanuary for Laker Company for the four inventory methods. Assumeexpenses are $1,400 and that the applicable income tax rate is 40%.(Round your Intermediate calculations to 2 decimalplaces.)

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