Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 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 Units Acquired at Cost Units sold at Retail Beginning inventory 140 units @ $ 6.00 = $ 840 Sales Purchase Sales Purchase Totals 100 units @ $ 15 60 units @ $ 5.00 = 300 80 units @ $ 15 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 units Exercise 6-5 (Static) Perpetual: Gross profit effects of inventory methods LO A1 Assume the perpetual inventory system is used. 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.