Saved Help Save & Exit Su my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to quest Required information (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 perpetual Inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost 190 units $ 7.00 = $ 1,330 Units sold at Retail 150 units @ $ 16.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 110 units @ $ 6.00 - 660 130 units $ 16.00 @ $ 5.50 - 280 units 580 units 1,540 $ 3,530 280 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Prev 2 4 of 9 Next > BB2 OOT 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? Part 3 of 3 Complete this question by entering your answers in the tabs below. 2 points Req 1 Req 2 to 4 eBook Hint Compute gross profit for the month of January for Laker Company for the four inventory methods. (Roun decimal places and final answers to the nearest whole dollars.) Print References 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 > S Mc Graw Hill a Prev of 9 Next >