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Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. equired: emming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 2> Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Assume the perpetual inventory system is used. Required: 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. Record the cost of sale. Note: Enter debits before credits. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Journal entry worksheet Record the purchase of inventory. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the sale of goods. Note: Enter debits before credits. Journal entry worksheet Record the purchase of inventory. Note: Enter debits before credits. Compute the cost assigned to ending inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO nimhore Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Note: Enter debits before credits. ding inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the ctober 26 purchase. Using the specific identification method, calculate the following. 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. 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. 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. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. ssume the perpetual inventory system is used. equired: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. he Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units from the January 30 urchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending iventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Compute the gross profit for FIFO method and LIFO method. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your overage cost per unlt to 2 declmal places. 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Specific Identification LIFO LIFO FIFO Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. cord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a rpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered