10 Part 3 of 3 20 points 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory January 20 eBook January 25 January 30 Sales Purchase Sales Purchase Totals Hint References Units Acquired at Cost 200 units $ 12.50 = 130 units @ 300 units @ Units sold at Retail $ 2,500 160 units $ 21.50 $ 11.50 = 1,495 140 units @ $ 21.50 $ 11.00 = 630 units 3,300 $ 7,295 300 units 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. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO LIFO Identification Average Sales $ 6,450 $ 6,450 $ Cost of goods sold 3,626 6,450 $ 3,650 6,450 3,620 Gross profit $ 2,824 $ 6,450 $ 2,800 $ 2,830 < Req 1 Req 2 to 4 >