Laker company reported the following January purchases and sales data for its only product. For specific identification ending inventory consists of 370 units from the January 30 purchase, 5 units from the January purchase and 15 units from the beginning inventory. 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.

1. Record the sale of goods
2. Record the cost of sale
3. Record the purchase of inventory
4. Record the sale of goods
5. Record the cost of sale
6. Record the purchase of inventory

Date	Activities	Units acquired at cost	Units sold at retail
Jan 1	Beginning inventory	220 units @ $14.50 = $3,190
Jan 10	Sales		170 units @$23.50
Jan 20	Purchase	170 units @ $13.50 = 2,295
Jan 25	Sales		200 units @ $23.50
Jan 30	Purchase	370 units @ $13.00 = 4,810
	Totals	760 units $10,295	370 units