! 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 225 units @ $ 15.00 = 180 units @ $ 14.00 = 385 units @ $ 12.00 = 790 units Units sold at Retail $ 3,375 175 units @ $ 24.00 2,520 210 units @ $ 24.00 4,620 $ 10,515 385 units 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 complete but not entirely correct. 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. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO LIFO Identification Average Sales $ 9,240 $ Cost of goods sold 5,600 9,240 $ 4,565 9,240 $ 9,240 5,615 5,595 Gross profit $ 3,640 $ 4,675 $ 3,625 $ 3,645