! 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. For specific identification, ending inventory consists of 222 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 37 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 151 units @ $ 6.00 = Units sold at Retail $ 906 89 units @ 71 units @ $ 5.00 = 355 91 units @ $ 15.00 $ 15.00 180 units @ $ 4.50 = 402 units 810 $ 2,071 180 units Assume the periodic inventory system is used. Required: 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?