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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory $ 16.50 = $ 3,960 January 10 190 units @ January 2e Purchase 178 units $ 15.50 January 25 January 30 380 units $ 15.89 = 5,700 Totals $ 12,295 248 units Sales $25.50 2.635 19e units $ 25.se Sales Purchase 799 units 380 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. Req 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 Wei ted Identification LIFO Average Sales Cost of goods sold Gross profit $ 5 0 $ 0 $ FIFO fen Req 2 to 4