Laker Company reported the following January purchases and sales data for its only product. For specific Identification. ending Inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date January 1 January 10 Activities Beginning inventory 230 units Units Acquired at Cost P $15.50 Units sold at Retail $3.565 Sales 180 units $ 24.50 January 20 January 25 January 30 Purchase Sales Purchase 190 units $14.50= 2,755 228 units $ 24.50 Totals 400 units 820 units $ 14.00- 5,600 $11,920 400 units 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?