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 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units sold at Retail 155 units e $ 21.00 Units Acquired at Cost 195 units @ $ 12.00 - $ 2,340 120 units $ 11.00 - 1,320 290 units. $ 10.50 - 3,045 605 units $ 6,705 135 units e $ 21.00 290 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 Journal entry worksheet 5 6 Record the cost of sale Note: Enter debits before credits Debit Credit Date General Journal January 25 Cost of goods sold Merchandise inventory