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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 210 units @ $ 13.50 = Units sold at Retail $ 2,835 January 10 January 20 January 25 Sales Purchase Sales 160 units $ 22.50 150 units $ 12.50 = 1,875 180 units $ 22.50 January 30 Purchase Totals 340 units $ 12.00 = 700 units 4,080 $ 8,790 340 units 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.) Sales Cost of goods sold Gross profit LAKER COMPANY For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO < Req 1 Req 2 to 4 > Req 1 Req 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. 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? < Req 1 Req 2 to 4 >