Laker Company reported the following lanuary purchases and sales data for its only product. The Compamy uses a perpetual inventory system. 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. C24 fx 2. Which method yields the highest gross profit? 28 3. Does gross profit using weighted average fall between that using FIFO and LIFO? LIFO 29 4. If costs were rising instead of falling, which method would yield the highest gross profit? Yes 30 FIFO