5 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 periodic inventory system. For specific identification, ending inventory consists of 214 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 29 are from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 147 units @ $6.00 = $ 882 Jan. 10 Sales 93 units @ $15.00 Jan. 20 Purchase 67 units @ $5.00 335 Jan. 25 Sales 87 units @ $15.00 Jan. 30 Purchase 180 units @ $4.50 810 Totals 394 units $2,027 188 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. Red 1 Reg 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 Identification Average FIFO Sales Cost of goods sold Gross profit LIFO $ S 0 $ 0 $ 0 Reg 2 to 4 > er 5: Assessment i Sove 0 575 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 periodic inventory system. For specific identification, ending inventory consists of 214 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 29 are from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 147 units @ $6.00 - $ 882 Jan. 10 Sales 93 units @ $15.00 Jan. 20 Purchase 67 units @ $5.00 = 335 Jan. 25 Sales 87 units @ $15.00 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 394 units $2,027 189 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. Reg 1 Reg 2 to 4 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? 2. Which method yields the highest gross profit? 2. Does gross profit using weighted average fall between that using FIFO and LIFO? It costs were rising instand of faling, which method would yield the highest gross profit?