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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Date January 1 January 10 Activities Beginning inventory Salee January 20 January 25 Purchase Sales January 30 Purchase Totals Thita Acquired at Cost Units wold at Retail 145 unite $7.00- $ 1,015 105 units . $16.00 70 units $ 6.00- 420 85 unite $16.00 190 units 405 unite $5.50- 1,045 $2,480 190 unite Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction st Journal entry worksheet < 2 3 4 5 Record the sale of goods. Neste tive debts bars t Date January 10 General Journal Debit Credt Recond try Clear entry 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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Date January 1 Activities Beginning inventory January 10 Sales January 20 January 25 Purchase Sales January 30 Purchase Totals Units Acquired at Cost 5.7.00- $1,015 $6.00- Unite wild at Betail 145 unite 105 units $ 16.00 70 units 420 85 unite $16.00 190 unite 405 unite $ 5.50- 1,045 $2,480 190 unite Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet 1 2 3 4 B 6 Record the cost of sale. Note: Enter detta before red Date January 10 General Journal Debit Credt Clear entry Record entry Required Information (The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales date for its only product. The Company uses a perpetual Inventory system. 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. Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase January 25 January 30 Purchase Totals site Acquired at Cost 145 unite f $.7.00- Units sold at Retail $1,015 105 unite $16.00 75 unite $ 6.00- 420 85 unite $16.00 190 units $5.50- 405 units 1,045 $ 2,480 190 unite Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual Inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction lat Journal entry worksheet 2 3 4 5 Record the purchase of inventory. Note: Enter debts before credits Date January 20 General Journal Debit Credz View general journal Record entry Clear entry 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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Date January 1 Activities Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost Units sold at Retail 145 unite $7.00- $1,015 105 units $16.00 70 units $ 6.00- 420 85 unite 4 $ 16.00 190 units $5.50 -> 405 unite 1,045 $2,480 190 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual Inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction lat Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits Date January 25 General Journal Dubli Credit Racord entry Clear entry View general journal 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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 145 unite $7.00- $1,015 Units sold at Retail 105 unite 4 $16.00 70 units $6.00- 420 85 unite $36.00 190 unite 405 units $ 5.50- 1,045 $2,480 190 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet < 1 2 3 4 5 6 Record the cost of sale. Note: Enter debits before credits. Date January 25 General Journal Debit Cred View gaaral journa Record entry Clear entry 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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date: January 1 Activities Beginning inventory January 10 January 20 Sales Purchase January 25 January 30 Purchase Totale thits Acquired at Coet Units sold at Retail 145 unite $7.00- $1,015 105 unite $16.00 70 unite $ 6.00- 420 85 unite $16.00 190 unite $5.50- 405 units 1,045 $2,400 190 unite Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet 2 3 4 5 Record the purchase of inventory. Note: Enter debts before credits Date January 30 General Journal Debit Credit Record entry Clear entry View general journal 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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory January 20 Jafrosty 25 Purchase Sales January 30 Purchase Totale 145 unite Units Acquired at Cost $7.00- Unite sold at Retail $ 1,015 105 unite . $16.00 70 unite $ 6.00- 420 85 unite $ 16.00 190 units $5.50- 405 unite 1,045 $2,400 190 unite 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. Req 1 Reg 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 Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit S $ 0$ Rag 2 to 4