O 5 Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic Inventory system. For specific identification, ending Inventory consists of 210 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Activities Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 145 units $6.00 - $ 870 Jan. 10 Bales 95 units 315.00 Jan. 20 Purchase 65 units $5.00 - Jan. 25 Sales 85 units $15.00 Jan. 30 Purchase 180 units $4.50 390 unita $2,005 180 units Date 325 810 Total 2 of 5 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? hits Complete this question by entering your answers in the tabs below. Req 1 Reg 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Re Reg 2 to 4 > or 5 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. Reg 1 Real to a 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? 2. Which method yields the highest gross profit? 3 Does gros profit using weighted average fall between that using FIFO and LIFO? 4. W costs were rising Instead of falling, which method would yield the highest gross profit? Reg 1 Reg 2 to 4