Required Information The following information applies to the questions displayed below.) art 2 of 2 Laker Company reported the followinig January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Activities 02.07:47 Units Acquired at Cost 215 units @ $ 14.00 $ 3,010 Voits soldattal Date January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 13.00 165 units $23.00 2.000 190 units $ 23.00 Totals 355 units 5 11.00 730 units 3.905 $ 0,995 355 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. ic LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit Raqi Reg 2 to 4 > relow: R1 Ile 20 00:07:15 2. Which method yields the higest gross profit 3. Does gross profit using weighted average all between that I and LITO? 4. If costs were rising in offsing, which method would yold the highest group 2. Which method is the highest gossit? 3 Does your politing when the FIFO UFO 4. If costs were dotaling which method wedi yuld these