Required information Use the following information for Exercise 5-4 below. (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 220 units @ $14.50 $3,190 170 units @ $13.50 = 2,295 170 units @ $23.50 200 units @ $23.50 340 units @ $13.00 = 730 units 4,420 $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 $2.050 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 LIFO 0 0 0 Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0 0 0 0 $ 0 $ 0 $ 0 $