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Use the following information for the Exercises $3-7$ below. $($Algo$)$

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Laker Company reported the following January purchases and sales data for its only product. For specific identification,

ending inventory consists of $370$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning inventory.

Exercise $5-7$A $($Algo$)$ Periodic: Gross profit effects of inventory methods LO P$3,$ A$1$

Assume the periodic inventory system is used.

Required:

Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory

system.

Which method yields the highest gross profit?

Does gross profit using weighted average fall between that using FIFO and LIFO?

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.

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.