Required mu [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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities January 1 Beginning inventory January 10 January 201 Sales January 25 Purchase Sales January 30 Purchase Totals Units Acquired at Cost 155 units $ 8.00- Units sold at Retail $ 1,240 115 unita $17.00 90 units $7.00- 630 95 units $17.00 210 units 455 units $6.50- 1,365 $ 3,235 210 units 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. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO LIFO Identification. Average Sales S 3,570 $ 3,570 $ 3.570 $ 3.570 Cost of goods sold Gross profit S 3,570 $ 3,570 $ 3,570 $ 3.570