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Compute gross profit for the month of January for Laker Company for the four inventory methods. Laker Company reported the following January purchases and sales
Compute gross profit for the month of January for Laker Company for the four inventory methods.
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. 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.)
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