What is the solution for this?

Required information Use the following information for the Exercises 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. The Company uses a periodic inventory system. For specific identification. ending inventory consists of 234 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 49 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 157 units@ $6.69: $ 942 Jan. 16 Sales 83 units @ $15.69 Jan. 26 Purchase 77 units @ $5.88 = 385 Jan. 25 Sales 97 units @ $15.69 Jan. 36 Purchase 186 units @ $4.56 = 810 Totals 414 units $2J137 189 units Exercise 5-4 (Algo) Periodic: Gross profit effects of inventory methods LO A1 Assume the periodic inventory system is used. Required: 1. Compute gross profit for the month ofJanuary 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? 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 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. $ 0 Gross prot $ 0 $ 0 Req2to4 > $ 0 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 falling, which method would yield the highest gross profit? 2. Which method yields the highest gross profit? E Vi 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? FIFO