. Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Datel Activities January 1 Beginning inventory 235 units Units Acquired at Cost $16.00- Units sold at Retail $ 3,760 January 10 Sales 185 units $ 25.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 180 units $ 15.00- 2,700 200 units e $ 25.00 385 units $13.00- 800 units 5,005 $ 11,465 385 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. View transaction list View journal entry worksheet No Date General Journal 1 January 10 Accounts receivable Debit Credit 4,625 2 January 10 Cost of goods sold 2,960 3 January 20 Merchandise inventory 2,700 4 January 25 Accounts receivable 5,000 5 January 25 Cost of goods sold 3,050 6 January 30 Merchandise inventory 5,005