Units sold at Retail Date January 1 January 10 January 20 January 25 January 30 $ 1,750 Units Acquired at Cost 175 units $ 10.00 - 130 units $ 9.00 - 135 units Activities Beginning inventory Sales Purchase Sales Purchase Totals $ 19.00 1,170 140 units $ 19.00 $. 7.00 - 275 units 580 units 1925 54,845 275 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 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 Cost of goods sold Gross profit $ 0$ 05 OS 0 Reg 2 to 4 > Units sold at Retail Date January 1 January 10 January 20 January 25 January 30 $ 1,750 Units Acquired at Cost 175 units $ 10.00 - 130 units $ 9.00 - 135 units Activities Beginning inventory Sales Purchase Sales Purchase Totals $ 19.00 1,170 140 units $ 19.00 $. 7.00 - 275 units 580 units 1925 54,845 275 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 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 Cost of goods sold Gross profit $ 0$ 05 OS 0 Reg 2 to 4 >