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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. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 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. For specific identification. ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Record journal entries for Laker Company's saies and purchases transactions. Assume for this assignment that the company uses a perpetual imentory system and FIFO. All sales and putchases are made on account, and no discounts are offered. Laker Company reported the following Jinciary purchases and sales data for its only product. For specific identication, ending irventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory Assume the perpetual inventory system is used. Required: 1. Compute gross prots for the month of January for Laker Compony for the four inventory methods: 2. Which method yolds the highest gross peofit? 3. Does gross prolat using woighted average fall between that using FFO and LFO? 4. If costs were rising instead of falling. which method would yield the highest gross protat? Complete this question by entering your answers in the tabs below. Compute grous profit for the menth of January for Laker Company for the four invertory methods

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