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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 180 units @ $ 10.50 = Units sold at Retail $ 1,890 January 10 Sales 140 units $ 19.50 January 20 Purchase January 25 Sales January 30 Purchase Totals 270 units 560 units 110 units $ 9.50 = $ 9.00 = 1,045 130 units $ 19.50 2,430 $ 5,365 270 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. 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. (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 Sales Cost of goods sold Gross profit Weighted Average FIFO LIFO < Req 1 Req 2 to 4 >