Journal Entries required

! 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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units sold at Retail Date January 1 January 10 $ 3,960 Activities Beginning inventory Sales Purchase Sales Units Acquired at Cost 240 units @ $16.50 = @ $ 25.50 January 20 170 units 2,635 190 units 190 units $15.50 = $ 15.00 = @ @ January 25 $25.50 January 30 Purchase 5,700 380 units @ 790 units Totals $ 12,295 380 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