2 Part 2 of 3 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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. 1.38 points Date: January 1 Activities Beginning inventory. 140 units January 10 January 20 January 25 Sales Purchase Sales 60 units January 301 Purchase Totals 180 units 300 units Units Acquired at Cost 56.00- 055.00- 054.50 Units sold at Retail $840 100 units 0515 300 80 units 05 15 810 $1,950 180 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. Return to qu