perpetual

Use the following information for the Exercises 3-7 below. (Algo) [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 222 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 37 are from beginning inventory. Exercise 5-7A (Algo) Perpetual: Gross profit effects of inventory methods LO P3, A1 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method ylelds 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 yleld the highest gross profit? 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