of 2 nices Required information Use the following information for the Exercises 3-7 below. (Static) 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 200 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning inventory Date Jan. 1 Beginning Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retall 140 units 9 $6.00-3840 100 units 15 60 units 35.00- 300 80 units @ $15 180 units 14.50- 380 units $10 $1,050 180 units Exercise 5-4 (Static) Periodic: Gross profit effects of inventory methods LO A1 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. It costs were rising instead of falling, which method would yield the highest gross profit?