! 2 Part 2 of 2 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 370 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 Purchase Totals Units Acquired at Cost 220 units $ 14.50 = 170 units $ 13.50 = 370 units @ 760 units Units sold at Retail $ 3,190 170 units @ $ 23.50 2,295 200 units @ $ 23.50 $ 13.00 4,810 $ 10,295 370 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.