$\backslash$table$[[$Date$,$Activities,Units,icqu,red at $C,$Cost,,Units sold at$,$Retail$],[$January $1,$Beginning inventory,$140$ units,@$,$$$6\mathrm{.}00=,=,$$$840,,],[$January $10,$Sales,,,,,,$100$ units,@$ $15],[$January $20,$Purchase,$60$ units,@$,$$$5\mathrm{.}00=,=,300,,],[$January $25,$Sales,,,,,,$80$ units,@ $ $15],[$January $30,$Purchase,$180$ units,@$,$$$4\mathrm{.}50=,810,,],[$Totals$,380$ units,$$1,950,180$ units,$]]$

Assume the periodic inventory system is used.

Required:

Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system.

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 inventorysnethods using the periodic inventory system.

Note: Round cost per unit to $2$ decimal places and final answers to the nearest whole dollars.

$\backslash$table$[[$LAKER COMPANY$],[$For Month Ended January $31],[,\backslash$table$[[$Specific$],[$Identification$]],\backslash$table$[[$Weighted$],[$Average$]],$FIFO,,LIFO$],[$Sales$],[$Cost of goods sold,,,,,:.