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Required information Use the following information for the Exercises below. (Algo) The following infortnawoin applies to the guestions ai spisyed beiowj Eaker Eompany yepolled the following January purchases and sales data for ils ontly procifet The Company uses a petiodic inventory system. For specific identification, ending inuentory conscts of 240 units where 180 are from the January 30 purchase. 5 are from the January 20 purchase; and 55 - if 1 fitit beginninginventory Exercise 5-4 (Algo) Periodic: Gross profit effects of inventory methods LO A1 1. Compure gross profit for the month of January for Laker Compiny for the four inventory methods. 2. Which method yields the highest gross proti? 3. Does gross profit using weighted dverage fall between that using FIFO and LIFO? 4. If coss were rising instead of llling, which method would yield the highest gross profit? 8 Answer is not complete. Complete this question by entering your answers in the tebs below. Compute gross profit for the month of aanyary for Laker compary for the four invantory methods: Note: found cost per unit to 2 deciefal places and final answers to the nearest whole dollars. xercise 5-4 (Algo) 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. If costs were rising instead of falling, which method would yield the highest gross profit? Answer is not complete. Complete this question by entering your answers in the tabs below. 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 yeld the highest gross profit