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 $190$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $20$ units from beginning inventory.DateJanuary $1$January $10$January $20$January$25$January$30$ActivitiesBeginning inventorySalesrutcridseSalesPurchaseTotalsUnits Acquired at Cost$145$ units$ $7\mathrm{.}00=$Units sold at Retail$ $1,015105$ units$ $16\mathrm{.}0070$ units$ $6\mathrm{.}00=4/4085$ units$ $16\mathrm{.}00190$ units$405$ units$ $5\mathrm{.}50-1,045$$ $2,480190$ unitsAssume the perpetual inventory system is used.Required:$1.$ Compute gross profit for the month of January for Laker Company for the four inventory methods$\mathrm{.}2.$ 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?

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Assume the perpetual inventory system is used.

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

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?

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$2.$ 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?

$\backslash$table$[[2.$ 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?$]]$

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