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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 Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units @ $ 6.00 = $ 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $ 5.00 - 300 January 25 Sales 80 units @ $ 15 January 30 Purchase 180 units @ $ 4.50 = Totals 380 units $ 1,950 180 units 810 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO All sales and purchases are made on account, and no discounts are offered Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list X 1 Record the sale of goods. 2 Record the cost of sale. 3 Record the purchase of inventory. 4 Record the sale of goods. 5 Record the cost of sale. 6 Record the purchase of inventory. Credit B 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 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 LIFO Identification Average Sales Cost of goods sold Gross profit FIFO $ 0 $ 0 $ 0 $ RE1 Roq 2 to 4 > 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 1 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? 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? FIFO LIFO Specific Id Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted average - Periodic Cost of Goods Available for Sale Average cost of Goods of units Cost per Available for unit Sale Cost of Goods Sold Average # of units Cost of Unit Ending Inventory # of units Average Ending in ending Cost Inventory Inventory per unit Cost per Goods Sold sold Beginning inventory Purchases January 20 January 30 Total 0 $ 0 $ 0 0 $ Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending Inventory per unit Inventory Beginning inventory Purchases; January 20 January 30 Total 0 $ 0 0 0 0 $ 0 Specific Id Weighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods #of units Cost per # of units Available for Cost of unit sold unit Goods Sold Sale Beginning inventory Purchases: January 20 January 30 Total 0 Ending Inventory # of units Cost Ending In ending per unit Inventory Inventory 0 0 $ 0 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 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? 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?