Laker Company reported the following January purchases and sales data for its only product. 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 January 1 Activities Beginning inventory Units Acquired at Cost 175 units @ $ 10.00 = Units sold at Retail $ 1,750 January 10 Sales 135 units @ $ 19.00 January 20 January 25 January 30 Purchase Sales 130 units $ 9.00 = 1,170 140 units @ $ 19.00 Purchase Totals 275 units 580 units $ 7.00 = 1,925 $ 4,845 275 units Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Assume the periodic inventory system is used. 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. Note: 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 $ 0 $ 0 $ 0 $ 0