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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost January 1 Beginning inventory Units sold at Retail 190 units @ $7.00 = $ 1,330 January 10 Sales 150 units $16.00 January 2e Purchase 110 units $ 6.00 660 January 25 Sales 130 units $ 16.00 January 30 Purchase 280 units@ $5.50 - 1,540 Totals 580 units $ 3,530 280 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