Man plan E G D 11 He 6 Homework Help Save & Exit Check Required information The following information applies to the questions displayed below) Loker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 175 units $ 10.00 $1,750 January 10 Sales 135 unit $ 1 00 January 20 Purchase 130 units $ 9.00 1,170 January 25 Sales 140 units $ 19.00 January 30 Purchase 275 units $ 7.00 - 1,925 Totals 580 units $ 4,845 275 units 1. Compute gross profit for the month of January for Laker Company for the four Anventory 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 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? 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? pped Complete this question by entering your answers in the tabs below. Book Req 1 Reg 2 to 4 Hint Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost decimal places and final answers to the nearest whole dollars.) 1 Print LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO rences Sales Cost of goods sold Gross profit 0 0 0 $ S $ 0 $ > Reg Reg 2 to 4 FULL 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. Req 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 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?