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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	195	units	@	$ 12.00	=	$ 2,340
January 10	Sales							155	units	@	$ 21.00
January 20	Purchase	120	units	@	$ 11.00	=	1,320
January 25	Sales							135	units	@	$ 21.00
January 30	Purchase	290	units	@	$ 10.50	=	3,045
	Totals	605	units				$ 6,705	290	units

Record journal entries for Laker Companys 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.

RECORD:

SALES OF GOODS

COST OF SALE

PURCHASE OF INVENTORY

SALE OF GOODS

COST OF SALE

PURCHASE OF INVENTORY