2 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 ok January 1 January 101 January 201 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 140 units $ 6.00- Units sold at Retail $ 840 Sales Purchase Sales 100 units 60 units $ 5.00 300 80 units $ 15 8 $ 15 Purchase Totals 180 units: $4.50- 810 380 units $ 1,950 180 units nt ences 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. 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 darimal larae and final aneware in the nearest whole dollare 3 9 Brow 11 of 14 Next > art 2 of 2 71 points 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 Hint Print References Mc Graw 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 tow decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Weighted Identification FIFO LIFO Average Sales $ 2,700 $ 2,700 $ Cost of goods sold 1,025 Gross profit $ 1,675 $ 2,700 $ 2,700 $ 1,040 1,660 $ 2,700 2,700 Req 2 to 4 > < Prev 11 of 14 Next >