from beginning Inventory. 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 invent system. 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 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 using the periodic inventory system. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Laker Company reported the following January purchases and sales data for its only product. 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. Exercise 5-6A (Algo) Periodic: Inventory costing LO P3 he Company uses a periodic inventory system. For specific identification, ending Inventory consists of 370 units from the January 30 urchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending ventory and to cost of goods sold using (a) specific Identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory