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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.

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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 periodic inventory system. For specific identification, ending inventory consists of 212 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 27 are from beginning inventory. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 146 units@ $6.89 $ 876 Jan. 1e Sales 94 units $15.00 Jan. 20 Purchase 66 units $5.00 - 86 units $15.00 Jan. 30 Purchase 180 units $4.50 - Totals 392 units $2,016 180 units Date 330 Jan. 25 Sales 810 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. Req3 Reg 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 Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Ron Req 2 to 4 > Complete this question by entering your answers in the tabs below. Reg 1 Reg 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 yold the highest gross profit? 3. Door gross profit using weighted average foll between that using FIFO and LIFO? costs were rising instead of faling, which method would yield the highest gross profit? 4.

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