Required information Use the following information for the Exercises 3-7 below. (Algo) [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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 230 units $ 15.50 - 190 units $14.50- Units sold at Retail $ 3,565 180 units e $ 24.50 2,755 220 units $ 24.50 400 units @ $ 14.00- 820 units 5,600 $ 11,920 400 units Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory ystem. . 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. Req 1 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. (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