Equired information [the following information applies to the questions displayed below.] laker company reported the following january purchases and sales data for its only product. date activities units acquired at cost units sold at retail jan. 1 beginning inventory 160 units @ $ 8.50 = $ 1,360 jan. 10 sales 120 units @ $ 17.50 jan. 20 purchase 100 units @ $ 7.50 = 750 jan. 25 sales 100 units @ $ 17.50 jan. 30 purchase 220 units @ $ 7.00 = 1,540 totals 480 units $ 3,650 220 units for specific identification, ending inventory consists of 260 units, where 220 are from the january 30 purchase, 5 are from the january 20 purchase, and 35 are from beginning inventory. required: 1. prepare comparative income statements for the month of january for laker company for the four inventory methods. assume expenses are $1,450, 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 above, between, or below that using fifo and lifo? 4. if costs were rising instead of falling, which method would yield the highest net income?