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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 unite $ 8.00 - $ 1,240 January 10 Sales 115 units $ 17.00 January 20 Purchase 90 units $ 7.00 - January 25 January 30 210 units 1,365 Totals 455 units $ 3,235 630 95 units e $ 17.00 Sales Purchase $ 6.50 - 210 units Required: 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 ffill 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. 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 Identification Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit $ $ $ 0 $ 0 0 0 Ran 2 to 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities Units Acquired at Cost January 1 Beginning inventory Units sold at Retail 155 units @ $ 8.00 - $ 1,240 January 10 Sales 115 units $ 17.00 January 20 Purchase 90 units $ 7.00 - 630 January 25 Sales 95 units $ 17.00 January 30 Purchase 210 units $ 6.50 - 1,365 Totals 455 units $ 3,235 210 units Required: 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. Reg 1 Req 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 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?
