[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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 53 are from beginning inventory Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 159 units & $6.00 - $ 954 Jan. 10 Sales 81 unitse $15.00 79 unitse $5.00 - 395 99 units @ $15.00 180 units $4.50 Totals $2,159 180 units Date Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 810 418 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. Reg 1 Req 2 to 4 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? 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?