Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 260 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 170 units January 10 January 20 January 25 Sales Purchase Sales 120 units i Units Acquired at Cost $9.50 = $8.50 = Units sold at Retail $ 1,615 139 units $ 18.50 1,920 130 units G $18.50 January 30 Purchase Totals 260 units a 550 units $ 8.09 = 2,080 $ 4,715 260 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 For Month Ended January 31 Sales Specific Identification Weighted Average FIFO LIFO Cost of goods sold Gross profit EN $ 0 $ 0 $ 0 $ 0 Reg Req 2 to 4 >