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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 195 units @ $ 12.00 = $ 2,340 January 10 Sales 155 units @ $ 21.00 January 20 Purchase 120 units @ $ 11.00 = 1,320 January 25 Sales 135 units @ $ 21.00 January 30 Purchase 290 units @ $ 10.50 = 3,045 Totals 605 units $ 6,705 290 units 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. Reg 1 Reg 2 to 4 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.) LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO Identification Average LIFO Sales Cost of goods sold Gross profit $ 0$ 0 $ $ 0 0 Res210 A