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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 185 units @ $ 11.00 = $ 2,035 January 10 Sales 145 units @ $ 20.00 January 20 Purchase 100 units @ $ 10.00 = 1,000 January 25 Sales 125 units @ $ 20.00 January 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270 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?