Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed belowl Laker Compary reported the following. January purchases and sales data for its only product. The Company arei a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the Jamary 70 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 6-5 (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 FFFO 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. 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 UFO? 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. Compute gross profit for the month of January for Laker Company for the four inventory methods. (floutnd coin per unit to 2 decimal places and final answers to the nearest whole dollars.) 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 LJFO? 4. If costs were rising instead of falling. which method would yield the highest gross protit? Complete this question by entering your answers in the tabs below. 2. Which method yields the highest gross profit? 3. Does gross profit using woighted average fall between that using FIFO and LIFO) 4. If costs were rising instead of falling, which method would yield the highnst gross profit