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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date January 1 January 10 January 20 January 25 Activities Beginning inventory 140 units Units Acquired at Cost 56.00- $840 Sales Purchase Sales 100 units #15 60 unite 5.00- 300 60 units 515 January 30 Purchase Totals 180 unite 300 unite 4.50- 10 $1,950 100 units Required: 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Return to question