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Use the following information for the Exercises 3-7 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 perpetual inventory system. For specific Identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Dato Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 230 units # $ 15.50 $ 3,565 January 10 Sales 180 units @ $ 24.50 January 20 Purchase 190 units $14.50 2,755 January 25 Sales 220 units e $ 24.50 January 30 Purchase 400 units @ $ 14.00 - 5,600 Totals 820 units $ 11,920 400 units Exercise 5-5 (Algo) Perpetual: 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 Reg 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 For Month Ended January 31 Specific Weighted Identification FIFO LIFO Average Sales $ 9,800 $ 9,800 $ 9,800 $ 9,800 Cost of goods sold 6,015 6,030