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 For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Assume the periodic inventory system is used. Required: 1. Compute gross profit for the month of Jonuary for Laker Company for the four inventory methods using the periodic inventory system 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? Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole doliars. Determine the cost assigned to ending inventory and to cost of goods sold using LFO. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identfication