7 Part 5 of 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 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. 10 points Date Activities January 1 January 10 Beginning inventory Sales January 20 January 25 January 30 Purchase Sales eBook Purchase Totals Units Acquired at Cost 140 units @ $ 6.00 = $ 840 Units sold at Retail 100 units @ $ 15 60 units @ $ 5.00 = 300 80 units @ $ 15 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 units Hint Print 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? References 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 decimal places and final answers to the nearest whole dollars.) Sales Cost of goods sold Gross profit LAKER COMPANY For Month Ended January 31 Specific Identification Weighted FIFO LIFO Average 2,700 $ 2,700 $ 1,025 1,675 2,700 $ 2,700 1,040 1,660 $ 2,700 2,700 < Req 1 Req 2 to 4 >