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 355 units from the January 30 purchase. 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory January 20 January 25 January 30 Sales Purchase Sales Purchase Totals. Units Acquired at Cost 215 units @$ 14.00 = 160 units $13.00 = Units sold at Retail $ 3,010 165 units @ $ 23.00 2,080 190 units $ 23.00 355 units @$11.00- 3,905 730 units $8,995 355 units Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 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. Req 1 Req 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.)