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 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Units sold at Retail Units Acquired at Cost 156 units@ $6.00= $ 936 Date Activities Beginning Jan. 1 inventory Jan.10 Sales Jan.20 Purchase Jan.25 Sales Jan. 30 Purchase Totals 84 units@ $15.00 76 units@ $5.00= 380 96 units@ $15.00 180 units@ $4.50= 810 412 units $2,126 180 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 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 FIFO LIFO For Month Ended January 31 Specific Weighted Identification Average 2,700 $ 2,700 $ 1,009 1,197 1,691 1,503 $ Sales $ 2,700 $ 2,700 Cost of goods sold Gross profit $ 2,700 $ 2,700