12 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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units sold at Retail Date January 1 Activities Beginning inventory January 10 Sales January 20 January 25 Purchase Sales 190 units 110 units Units Acquired at Cost $7.00- $ 6.00- $ 1,330 150 units $ 16.00 660 130 units $ 16.00 January 30 Purchase Totals 280 units e 580 units $ 5.50- 1,540 $ 3,530 280 units aces 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 Required information 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 Sales Specific Identification Weighted Average FIFO LIFO Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 Req 1 Req 2 to 4 >