Laker Company reported the following January purchases and sales data for its only product. 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 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Units 215 units 160 units DEOL 355 units 730 units Acquired at Cost @ $ 14.00 = @ @ Su $ 13.00 = $11.00 = Complete this question by entering your answers in the tabs below. of 5 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? $ 3,010 www --- 2,080 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? Next 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $23.00 Chee

Laker Company reported the following January purchases and sales data for its only product. 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 ssume the perpetuol inventory system is used: equired: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods 2. Which method yleids the nighest 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. Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars