C Laker Company Reported The Faloong January Pu Saved Help Required information Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 220 units @ $ 14.50 = $ 3,190 170 units @ $13.50= Units sold at Retail 170 units $ 23.50 2,295 200 units $ 23.50 370 units @ $ 13.00 = 760 units 4,810 $ 10,295 370 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 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. Pray 11 12 of 26 Next