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 240 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 January 101 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals 160 units Units Acquired at Cost $ 8.50 = Units sold at Retail $ 1,360 120 units) @ $17.50 100 units @ $ 7.50 = 750 120 units $17.50 240 units $ 7.00 = 1,680 500 units $ 3,790 240 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? Check m