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. 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. 1. Compute gross profit for the month of January for Laker Company for the four inver 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 pr Complete this question by entering your answers in the tabs below. Compute gross profit for the month of Japuary for Laker Company for the four inventory meth Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. 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. 2. Which method ylelds 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? Marinez Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each prov Vibrant Company had $850,000 of sales in each of Year 1, Year 2. and Year 3, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250.000. 1. Determine the correct amount of the company's gross profit in each of Yeat 1, Year 2, and Year 3 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross proft for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Determine the correct amount of the company's gross profit in each of Year 1 , Year 2 , and Year 3. of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250,000 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2 , and Year 3 . 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year and Year 3 . 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. 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. 1. Compute gross profit for the month of January for Laker Company for the four inver 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 pr Complete this question by entering your answers in the tabs below. Compute gross profit for the month of Japuary for Laker Company for the four inventory meth Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. 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. 2. Which method ylelds 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? Marinez Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each prov Vibrant Company had $850,000 of sales in each of Year 1, Year 2. and Year 3, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250.000. 1. Determine the correct amount of the company's gross profit in each of Yeat 1, Year 2, and Year 3 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross proft for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Determine the correct amount of the company's gross profit in each of Year 1 , Year 2 , and Year 3. of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250,000 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2 , and Year 3 . 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year and Year 3