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please answer question in the same format! I appreciate your help! Required information The following information applies to the questions displayed below.) Laker Company reported
please answer question in the same format! I appreciate your help!
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 perpetuat inventory system 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 Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 150 units $ 7.50 - $ 1,125 January 10 Sales 110 units $16.50 January 20 Purchase 80 units $ 6.50 - 520 January 25 Sales 90 units $ 16.50 January 30 200 units $6.00 - 1,200 Totals 438 units $ 2,845 200 units Purchase 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 vield the hiahest aineenrafit? 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 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 $ 0 $ 0 $ 0 $ 0 Req2 to 4 > Step by Step Solution
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