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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 200 units@ $12.50 - $2,500 Units sold at Retail Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 160 units @ $21.50 130 units@ $11.50 = 1,495 140 units @ $21.50 300 units @ $11.00 - 630 units 3,300 $ 7,295 Totals 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 $1,850 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,850 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) FIFO L $ IFO 6,450 $ 6,450 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average $ 6,450 $ 6,450 3,625 3,643 2,825 2,807 1,850 1,850 975 957 3907 $ 585 $ 957 6,450 1,850 4,600 6,450 1,850 4,600 $ 4,600 $ 4,600