Requlred Informatlon 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 Jan 1 Beginning inventory Jan. 18 Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase Units sold at Retail 148 units $19.5e 138 units $19.5e 278 units Activities Units Acquired at Cost 180 units$18.58-$1,89e 118 units 9.581,845 268 units @ $ 9.00= 2,340 Totals 558 units $5,275 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exerclse 5-6 Perpetual: Income effects of Inventory methods LO A1 Requlrec 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, and that the applicable income tax rate is 40%. 2. Which method yields the highest net income? 3. Does net income using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest net income? Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Required 4 Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, and that the applicable income tax rate is 40%. (Round your intermediate calculations to 2 decimal places) Income Statements For Month Ended January 31 Specific FIFO LIFO Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 S 0.00 S 0.00 S 0.00 Required 2 > Requlred: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, and that the applicable income tax rate is 40%, 2. Which method yields the highest net income? 3. Does net income using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Which method yields the highest net income? Which method yields the highest net income? K Required 1 Required 3> Requlrec: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,650, and that the applicable income tax rate is 40%. 2. Which method yields the highest net income? 3. Does net income using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling. which method would yield the highest net income? Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Required 4 Does net income using weighted average fall between that using FIFO and LIFO? Does net income using weighted average fall between that using FIFO and LIFO? K Required 2 Required 4 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3eqired 4 If costs were rising instead of falling, which method would yield the highest net income? Which method would yield the highest net income? Required 3