7 ! Required information [The following information applies to the questions displayed below.) Part 5 of 7 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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. 10 points Units sold at Retail Units Acquired at Cost 240 units @ $ 16.50 = $ 3,960 190 units @ $ 25.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 170 units @ $ 15.50 = 2,635 190 units @ $ 25.50 @ $ 15.00 = 380 units 790 units 5,700 $ 12,295 380 units 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 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.) FIFO LIFO LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average 9,690$ 9,690$ 6,105 5,874 x 3,585 $ 3,816 $ $ 9,690 Sales Cost of goods sold Gross profit 9,690$ 6,130 3,560 $ 6,100 X 3,590 S