[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 224 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 39 are from beginning inventory. Units Acquired at Cost 152 units @ $6.00 = $ 912 Units sold at Retail 88 units @ $15.00 Date Activities Jan. 1 Beginning inventory Jan. le Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 72 units @ $5.00 - 360 92 units @ $15.00 180 units @ $4.50 = 404 units 810 $2,082 180 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.