Laker Lompany reportea the tollowing January purcnases ana sales data tor its only proauct. I ne company uses periodic inventory system. For specific identification, ending inventory consists of $218$ units, where $180$ are from the January $30$ purchase, $5$ are from the January $20$ purchase, and $33$ are from beginning inventory.

Exercise $5-4($Algo$)$ Periodic: Gross profit effects of inventory methods LO A$1$

Assume the periodic inventory system is used.

Required:

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

Note: Round cost per unit to $2$ decimal places and final answers to the nearest whole dollars.

$\backslash$table$[[$LAKER COMPANY$],[$For Month Ended January $31,],[$Sales$,\backslash$table$[[$Specific$],[$Identification$]],\backslash$table$[[$Weighted$],[$Average$]],$FIFO,LIFO$],[$Cost of goods sold,,,,$],[$Gross profit,,,,$]]$