[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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales 140 units Units Acquired at Cost $ 6.00 = Units sold at Retail $ 840 100 units @ $ 15 60 units $ 5.00 = 300 80 units @$ 15 Purchase Totals 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 units Assume the perpetual inventory system is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 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 FIFO LIFO Identification Average Sales 2,700 $ 1,500 Cost of goods sold 1,225 Gross profit $ 1,475 S 1,500 $ 0 $ 0

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.