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 Activities Units Acquired at Cost Units sold at Retail January 10 January 20 January 25 Beginning inventory Sales Purchase Sales 140 units @ $ 6.00 = $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @ $ 15 January 30 Purchase Totals 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 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? 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. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. LAKER COMPANY