! 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 periodic Inventory system. For specific identification, ending Inventory consists of 218 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 33 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 149 units @ $6.00 = $ 894 Jan. 10 Sales 91 units @ $15.00 Jan. 20 Purchase 69 units @ $5.00 = 345 Jan. 25 Sales 89 units @ $15.00 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 398 units $2,049 180 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? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 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? 2. 2. Which method yields the highest gross profit? 3. 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? 4.