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 180 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 140 unite DALE Required at Cost 886.00- Units sold at Real 8840 January 10 Bales 100 units #515 January 20 Purchase 60 unite 5.00- 300 January 25 Bales 00 unit 88 15 January 30 Purchase Totale 180 unite 380 unite 4.50- 810 $1,950 180 unit 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. 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 Sales Cost of goods sold Gross profit Specific Identification Weighted Average FIFO LIFO R Req 2 to 4 > 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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory base January 1 January 10 January 201 Beginning inventory Sales 140 units Units Acquired at Cost 56.00- Units sold at Re 8940 100 unite January 25 January 30 Purchase Sales 40 units Purchase Totals 180 unite 300 units $5.00 - 854.50- 300 so unite 015 10 $1,950 180 unit 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 2 to 4 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 profi 3. Doss 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 profic