2 Part 2 of 2 Required information Save (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. 0 points Date January 1 January 10 Activities Beginning inventory Skipped January 20 January 25 January 30 Sales Purchase Sales Purchase Totals eBook Hint Print References 140 units Units Acquired at Cost $6.00- 5840 100 unite # 5.15 60 units $5.00- 300 80 units #215 180 units 380 units $4.50- 810 $1,950 180 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. Help Save & Exit Submit