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 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchas and 15 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 140 units $ 6.00- Units sold at Retail $ 840 100 units @ $ 15 60 units $5.00 - 300 80 units $ 15 180 units e 380 units $ 4.50 810 $1,950 180 units Assume the perpetual inventory system is used. 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? 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 Note: Round cost per unit to 2 decimal places and final answers to the nearest whole doll LAKER COMPANY For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 < Req 1 Req 2 to 4 > Complete this question by entering your answers in the tabs below. Req 1 Req 2 t 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