11 art 2 of 2 nts Exercise 5-5 (Static) Perpetual: Gross profit effects of inventory methods LO A1 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. eBook Req 1 Req 2 to 4 Hint Print 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 Identification Weighted Average FIFO LIFO Sales rences Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 Required information Use the following information for the Exercises 3-7 below. (Static) [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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 Sales January 30 Activities Beginning inventory 140 units Units Acquired at Cost. $ 6.00- Units sold at Retail $ 840 Sales Purchase 100 units $ 15 60 units $5.00- 300 80 units $ 15 Purchase Totals 180 units 380 units $4.50 = 810 $ 1,950 180 units (Static) Perpetual: Gross profit effects of inventory methods LO A1