Laker Company reported the following January purchases and sales data for its only product. For specific identification,

ending inventory consists of $275$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $25$ units

from beginning inventory.

Exercise $5-4($Algo$)$ Perpetual: Journalizing transactions LO P$1$

Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use

perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

Journal entry worksheet

Record the sale of goods.

Note: Enter debits before credits.

$($Note there are $6$ parts$)$

$1)$ 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.