Check my work 3 art 2 of 2 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. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. its Skipped Date January 11 January 10 January 201 Activities Beginning inventory Sales Units Acquired at Cost 195 units $12.00 = Units sold at Retail $2,340 155 units @ $ 21.00 eBook January 25 January 301 Purchase Sales 120 units @ $11.00 = 1,320 135 units @ $ 21.00 Hint Purchase Totals 290 units $ 10.50 = 605 units 3,045 $ 6,705 290 units Print Ferences Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Assume the periodic inventory system is used. Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 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?