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 250 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 201 January 25 Purchase Sales January 30 Purchase Totals 165 units 110 units Units Acquired at Cost $9.00- $ 8.00- Units sold at Retail $1,485 125 units B $ 18.00 880 125 units @ $ 18.00 250 units $7.50 1.875 525 units $ 4.240 250 units 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?