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. Units Acquired at Cost 160 unitse $ 8.50 - $ 1,360 Units sold at Retail Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 120 units $ 17.50 100 units $ 7.50 750 120 units e $ 17.50 240 unitse 500 units $ 7.00 - 1,680 $ 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? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Reg 1 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 FIFO LIFO Average Sales Cost of goods sold Gross profit IS Regt Reg 2 to 4 >