0 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. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities: Beginning inventory 145 units Units Acquired at Cost $7.00- Units sold at Retail $1,015 January 10 Sales 105 units $16.00 January 20 Purchase 70 units $ 6.00- 420 January 25 Sales 85 unite $ 16.00 January 30 Purchase 190 units $5.50- Totals 405 unite 1,045 $ 2,480 190 units Assume the perpetual inventory system is used. Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. LAKER COMPANY For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 05 0 $ 0 Reg 1 Req 2 to 4 > 0 < Prev of 7 Next > 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. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory 145 units Units Acquired at Cost $7.00- Units sold at Retail $ 1,015 January 10 January 201 January 25, Sales Purchase Sales 105 units $ 16.00 70 units $ 6.00- 420 85 units $ 16.00 January 30 Purchase Totals 190 units $ 5.50- 405 units 1,045 $ 2,480 190 units Assume the perpetual inventory system is used. Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit?