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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 201 Activities Beginning inventory January 251 sales Purchase Sales January 30 Purchase Totals Units Acquired at Cost 185 units $ 11.00- 100 units @ $ 10.00- Units sold at Retail $ 2,035 145 units @ $ 20.00 1,000 125 units $20.00 270 units 9 $9.50- 555 units 2,565 $5,600 270 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?