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 purchase and 15 units from the beginning inventory.

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

Date	Activities	Units acquired at cost	Units sold at retail
Jan 1	Beginning inventory	220 units @ $14.50 = $3,190
Jan 10	Sales		170 units @$23.50
Jan 20	Purchase	170 units @ $13.50 = 2,295
Jan 25	Sales		200 units @ $23.50
Jan 30	Purchase	370 units @ $13.00 = 4,810
	Totals	760 units $10,295	370 units

	Laker company For month ended January 31
	Specific identification	Weighted average	FIFO	LIFO
Sales
Cost of goods sold
Gross profit