Required information Complete this question by entering your answers in the tabs below.

Req $2to4$

Which method yields the highest gross profit?

Does gross profit using weighted average fall between that using FIFO and LIFO?

If costs were rising instead of falling, which method would yield the highest gross profit?

Use the following information for the Exercises below. $($Algo$)$

$[$The following informotion opplies to the questions disployed below.$]$

Laker Company reported the following January purchases and sales data for its only product. The Company uses a

periodic inventory system. For specific identificstion, ending inventory consists of $240$ units, where $180$ are from the

January $30$ purchase, $5$ are from the January $20$ purchase, and $55$ are from beginning inventory.

Exerclse $5-4($Algo$)$ Perlodlc: Gross profit effects of Inventory methods LO A$1$

Assume the periodic inventory system is used.

Required:

Compute gross profit for the month of January for Laker Company for the four inventory methods.

$2$ Which method yields the highest gross profit?

Does gross profit using weighted average fall between that using FIFO and LIFO?

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.

Req $1$

Req $2$ to $4$

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.