of 3 Required information [The following information applies to the questions displayed below.] Laker Company reported...

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of 3 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 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. Date Book January 1 January 10 Activities Beginning inventory 140 units Units Acquired at Cost $ 6.00- Units sold at Retail $840 Sales 100 units 8 5 15 January 20 Hint January 25 Purchase Sales 60 units $5.00- 300 80 units 8 $ 15 January 30 Print Purchase Totals 180 units 380 units 4 $4.50- 810 $1,950 180 units ferences 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? of 3 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 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. Date Book January 1 January 10 Activities Beginning inventory 140 units Units Acquired at Cost $ 6.00- Units sold at Retail $840 Sales 100 units 8 5 15 January 20 Hint January 25 Purchase Sales 60 units $5.00- 300 80 units 8 $ 15 January 30 Print Purchase Totals 180 units 380 units 4 $4.50- 810 $1,950 180 units ferences 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?