Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $300$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $25$ units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail

January $1$ Beginning inventory $200$ units @ $ $12\mathrm{.}50=$ $ $2,500$

January $10$ Sales $160$ units @ $ $21\mathrm{.}50$

January $20$ Purchase $130$ units @ $ $11\mathrm{.}50=1,495$

January $25$ Sales $140$ units @ $ $21\mathrm{.}50$

January $30$ Purchase $300$ units @ $ $11\mathrm{.}00=3,300$

Totals $630$ units $ $7,295300$ units

Exercise $5-5($Algo$)$ Perpetual: Gross profit effects of inventory methods LO A$1$

Assume the perpetual inventory system is used.

Required:

Compute gross profit for the month of January for Laker Company for the four inventory methods.