\begin{tabular}{|c|l|l|l|l|} \hline No & \multicolumn{1}{|c|}{ Date } & \multicolumn{1}{|c|}{ General Journal } & Debit & Credit \\ \hline 1 & January 10 & Accounts receivable & & 2,405 \\ \hline & & Sales & & \\ \hline 2 & January 10 & Cost of goods sold & & \\ \hline & & Merchandise inventory & & \\ \hline 3 & January 20 & Merchandise inventory & & \\ \hline & & Accounts payable & & \\ \hline & & & & \\ \hline 4 & January 25 & Accounts receivable & & \\ \hline & Salos & & \\ \hline 5 & January 25 & Cost of goods sold & & \\ \hline & & Merchandise inventory & & \\ \hline & & & \\ \hline 6 & January 30 & Merchandise inventory & & \\ \hline & Accounts payable & & \\ \hline \end{tabular} Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. 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. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. \begin{tabular}{|c|l|l|l|l|} \hline No & \multicolumn{1}{|c|}{ Date } & \multicolumn{1}{|c|}{ General Journal } & Debit & Credit \\ \hline 1 & January 10 & Accounts receivable & & 2,405 \\ \hline & & Sales & & \\ \hline 2 & January 10 & Cost of goods sold & & \\ \hline & & Merchandise inventory & & \\ \hline 3 & January 20 & Merchandise inventory & & \\ \hline & & Accounts payable & & \\ \hline & & & & \\ \hline 4 & January 25 & Accounts receivable & & \\ \hline & Salos & & \\ \hline 5 & January 25 & Cost of goods sold & & \\ \hline & & Merchandise inventory & & \\ \hline & & & \\ \hline 6 & January 30 & Merchandise inventory & & \\ \hline & Accounts payable & & \\ \hline \end{tabular} 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. Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. 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. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Assume the perpetual inventory system is used. Required: 1. Compute aross profit for the month of January for Laker Company for the four inventory methods
