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. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the periodic inventory system is used. Required: Beginning inventory Sales Purchase Sales Purchase Totals Activities Req 1 Req 2 to 4 Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. $ Units Acquired at Cost 165 units @ $ 9.00 = 110 units e 250 units e 525 units 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? Specific Identification $ 8.00 = LAKER COMPANY For Month Ended January 31 Weighted Average 2,700 X $ 1,017 1,683 $ 7.50 = Answer is not complete. Req 1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 2. Which method yields the highest gross profit? 2,700 $ 927 X 1,773 $ $ 1,485 FIFO 880 2,700 X $ 1,048 x 1,652 $ 1,875 $ 4,240 Req 2 to 4 > Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Units sold at Retail 125 units LIFO 125 units 250 units @ @ 2,700 x 810 1,890 $ 18.00 $ 18.00

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. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. ssume the periodic inventory system is used. equired: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Compute gross profic for the month of January for Laker Company for the four inventory methods using the periodic inventory system. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. 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. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. ssume the periodic inventory system is used. equired: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and UFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit