Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $230$ units, where $180$ are from the January $30$ purchase, $5$ are from the January $20$ purchase, and $45$ are from beginning inventory.

Assume the periodic inventory system is used.

Required:

Compute gross profit for the month of January for Laker Company for the foun inventory methods.

Which method yields the highest gross profit?

Does gross profit using weighted average fall between that using FIFO and LIFO?

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 inventery methods. Note: Round cost per unit to $2$ decimal places and finalianswers to the hearest whole dollars.