ending inventory consists of 222 units, whele 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 37 are from beginning inventory Exercise 5-4 (Algo) Periodic: Gross profit effects of inventory methods LO A1 Assume the penodic inventory system is used. Reculred: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yleids 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 yleld the highest gross profit? Complete this question by entering your answers in the tabs below. 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. Assume the perlodic inventory system is used. Requlred: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method ylelds the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were ilsing instead of falling, which method would yleld the highest gross profit? Complete this question by entering your answers in the tabs below. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using EIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit