highly confused cant grasp this at all
Required information [The following information applies to the questions displayed bolow] 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 260 units from the January 30 purcha5e, 5 units from the January 20 purchase, and 25 units from beginning inventory. 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 UFO? 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. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Required information [The following information apples to the questions displayed below.] 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 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. 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 proft using weighted average fall between that using FFFO and LIFO? 4. If costs were rising instedd 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 FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross proft