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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 175 units @ $ 10.00 = $ 1,750 January 10 Sales 135 units @ $ 19.00 January 20 Purchase 130 units $ 9.00 - 1,170 January 25 Sales 140 units @ $ 19.00 January 30 Purchase 275 units $ 7.00 = 1,925 Totals 580 units $ 4,845 275 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 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.) FIFO LIFO LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average $ 7,125 $ 7,125 X $ 2,650 X 2,620 X $ 4,475 $ 4,505 $ Sales Cost of goods sold Gross profit 7,125 X $ 2,643 X 4,482 $ 7,125 x 2,625 X 4,500