mework 5 0 Saved Help Save & Exit Submit Check my work Laker Company reported the following January purchases and sales data for its only product Units Sold at Retail Date Activities Beginning Jan. 1 inventory Jan. 10 Sales 250 units $7.10 Units Acquired at Cost = $ 1,775 155 units $16.80 Jan.20 Purchase 170 units $6.10 1,037 as Jan.25 Sales 135 units $16.80 Jan. 30 Purchase 290 units $5.60 1,624 Totals 710 units $4,436 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 420 units, where 290 are from the January 30 purchase, 60 are from the January 20 purchase, and 70 are from beginning inventory. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 420 units, where 290 are from the January 30 purchase, 60 are from the January 20 purchase, and 70 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 $2,100, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average 4,872 $ 4,872 $ FIFO LIFO 4,872 $ 4,872 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 4,872 2,100 2,772 4,872 2,1 2,772 4,872 2,100 2,772 4,872 2,100 2,772 2,772 $ 2,772 $ 2,772 $ 2,772