equired information se the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed below.] ker Company reported the following January purchases and sales data for its only product. The Company uses a eriodic inventory system. For specific identification, ending inventory consists of 228 units, where 180 are from the nuary 30 purchase, 5 are from the January 20 purchase, and 43 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 74 units @ Units Acquired at Cost 154 units @ $ 6.00- $ 5.00 Units sold at Retail $ 924 86 units @ 370 94 units @ $ 15.00 $ 15.00 180 units $ 4.50 810 408 units $ 2,104 180 units e 5-4 (Algo) Periodic: Gross profit effects of inventory methods LO A1 mpute gross profit for the month of January for Laker Company for the four inventory methods. ch method yields the highest gross profit? es gross profit using weighted average fall between that using FIFO and LIFO? Osts were rising instead of falling, which method would yield the highest gross profit? ete this question by entering your answers in the tabs below. 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. Req 1 Req 2 to 4 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. LAKER COMPANY For Month Ended January 31 Specific Identification Sales Cost of goods sold Gross profit Weighted Average 0 $ FIFO LIFO 0 0 Req 2 to 4 > < Prev 2 3 4 Exercise 5-4 (Algo) Periodic: 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. Req 1 Req 2 to 4 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? 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?