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Required information Use the following information for the Exercise below. (Static) [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 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and '15 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventor'y 149 units @ $6.99: $ 849 Jan. 19 Sales 199 units @ $ 15 Jan. 29 Purchase 69 units @ $5.99 = 399 Jan. 25 Sales 89 units @ $ 15 Jan. 39 Purchase 189 units @ $4.59 = 819 Totals 389 units $1,959 189 units Exercise 5-4 (Static) Periodic: Gross profit effects of inventory methods LO A1 Assume the periodic 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 failing, 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? Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Compute gross prot for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and nal answers to the nearest whole dollars. Cost of goods sold Gross prot Req2to4 > Complete this question by entering your answers in the tabs below. Req 1 Req 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 failing, 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. It costs were rising instead of falling, which method would yield the highest gross profit? . FIFO