Reg 1 Req 2to4 Compute gross prot for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and nal answers to the nearest whole dollars.) 700 Cost of goods sold :=|$|_| Gross prot 2, 700 $ 2, 700 $ 2, 700 $ 2, ?00 Req 1 Req 2 to 4 2. Which method yields the highest gross prot? 3. Does gross prot 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 prot? 2. Which method yields the highest gross prot? 3. Does gross prot using weighted average fail between that using FIFO and LIFO? l 4. It costs were rising instead of felting, which method would yieid the highest gross prot? 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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units @ $ 6.00 = $ 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $ 5.00 = 300 January 25 Sales 80 units @ $ 15 January 30 Purchase 180 units @ $ 4.50 = 810 Totals 380 units $ 1, 950 180 units