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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 201 Activities Beginning inventory Sales Purchase January 25 Sales January 30 Purchase Totals. Units Acquired at Cost 210 units @ $13.50 = 150 units @ $12.50 = Units sold at Retail $ 2,835 160 units $ 22.50 1,875 180 units $ 22.50 340 units @ $ 12.00 = 700 units 4,080 $ 8,790 340 units Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 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. Req 1 Req 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit $ $ 1 0 $ 0 $ Req 2 to 4 >