Required information Use the following information for the Exercises 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 periodic inventory system. For specific identification, ending inventory consists of 210 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Units sold at Retail Units Acquired at Cost 145 units @ $6.00 = $ 870 95 units @ $15.00 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 65 units @ $5.00 = 325 85 units @ $15.00 180 units @ $4.50 = 390 units 810 $2,005 180 units Exercise 5-4 (Algo) Periodic: Gross profit effects of inventory methods LO A1 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. Req 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 This is a numeric cell, so please Specii enter numbers only. Identifica FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0