Use the following information for the Exercises $3-7$ below. $($Algo$)$

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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $290$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $20$ units from beginning inventory.

$\backslash$table$[[$Date$,$Activities,,Units,ACc,uis,red at$,$Cost,,Units sold,at$,$Reta,ail$],[$January $1,$Beginning inventory,$195,$units,a$,$$$,12\mathrm{.}00,=$$$,2,340,,,,],[$January $10,$Sales,,,,,,,,$155$ units,e$,$$$,21\mathrm{.}00],[$January $20,$Purchase,$120,$units,e$,$$$,11\mathrm{.}00,=,1,320,,.,,],[$January $25,$Sales,,,,,,,,$135$ units,a$,$$$,21\mathrm{.}00],[$January $30,$Purchase,$290,$units,e$,$$$,10*50,=,3,045,,,,],[$Totals$,605,$units,,,,$$,6,705,290$ units,,,$]]$

Exercise $5-4($Algo$)$ Perpetual: Journalizing transactions LO P$1$

Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

Journal entry worksheet

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Record the sale of goods.

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$1.$ Compute gross profit for the month of January for Laker company forThe four inventory methods.

$2.$