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[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 periodic inventory system for specific identification, ending inventory consists of 240 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 55 are from beginning inventory, Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 160 units @ $6.00 = $ 960 Jan. 19 Sales 80 units @ $15.00 Jan. 20 Purchase 80 units @ $5.00 - 400 Jan. 25 Sales 100 units @ $15.00 180 units @ $4.50 - Totals 420 units $2,178 180 units Jan. 30 Purchase 810 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. 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 Average FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 Reg 2 to 4 > yled the highest gross profit? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 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? 2. Which method yields the highest gross proft? 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?

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