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

Date Activities Units Acquired at Cost Units sold at Retail

January 1 Beginning inventory 205 units @ $ 13.00 = $ 2,665

January 10 Sales 165 units @ $ 22.00

January 20 Purchase 140 units @ $ 12.00 = 1,680

January 25 Sales 145 units @ $ 22.00

January 30 Purchase 310 units @ $ 11.50 = 3,565

Totals 655 units $ 7,910 310 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.