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 $270$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $10$ units from beginning inventory.DateActivitiesJanuary $1$Beginning inventoryJanuary $10$SalesJanuary $20$PurchaseJanuary $25$SalesJanuary $30$PurchaseTotalsUnits Acquired at Cost$185$ units @ $ $11\mathrm{.}00=100$ units @$270$ units$555$ units@$ $10\mathrm{.}00=$$ $9\mathrm{.}50=$$ $2,0351,0002,565$$ $5,600$Units sold at Retail$145$ units$125$ units$270$ units@$ $20\mathrm{.}00$$ $20\mathrm{.}00$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 using the periodic inventory system$\mathrm{.}2.$ 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 using the periodic inventory system.Note: Round cost per unit to $2$ decimal places and final answers to the nearest whole dollars.LAKER COMPANYFor Month Ended January $31$SpecificIdentificationWeighted AverageFIFOSales$$5,400$$$5,400$$Cost of goods sold$2,8752,727$Gross profit$$2,525$$$2,673$$LIFO$5,4002,8852,515$$$$5,4002,5652,835$

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