Require 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 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost Units sold at Retail Date Activities Beginning inventory 160 units @ $ 8. 58 - $ 1, 360 January 1 129 units @ $ 17 . 58 January 10 Sales 750 January 20 purchase 109 units $ 7. 50 = 120 units $ 17. 50 January 25 Sales January 30 Purchase 240 units @ $ 7.09 - 1 686 Totals 560 units $ 3, 790 246 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 Assume the perpetual inventory system is used. Required: 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 Reg 1 Reg 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: 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 dentification Average FIFO LIFO Sales Post of goods sold Gross profit Req 2 to 4 >