Required information 3 The following information applies to the questions displayed below! Laker Company reported the following January purchases and sales date for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase. 5 units from the January 20 purchase, and 15 units from beginning inventory Part 2012 813 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at cost Units sold at Retail 220 units @ $ 14.50 = $ 3.190 170 units $23.50 170 units @ $ 13.50 = 2.295 200 units $ 22.50 370 units e 5 13.00 4,910 700 to $ 10, 205370 units Totals 1. Compute gross profit for the month ot 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 riting instead of fahing 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 inventor 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 Reg 2 to 4 > 8 DOLL c 0 # $ A & * de in 3 4 5 0) 7 8 9 W e r t u