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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 11 Activities Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 235 units @ $ 16.00 = 180 units $ 15.00 = Units sold at Retail $ 3,760 185 units @ $ 25.00 2,700 200 units $ 25.00 385 units $13.00 = 800 units 5,005 $ 11,465 385 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? 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 methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Identification Weighted Average FIFO LIFO Sales 9 < Previ 7 of 10 Next >