Laker Company reported the following January purchases and sales data for its only product. 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 Activities Beginning inventory Units Acquired at Cost Units sold at Retail 195 units B $12.00 = $2,340 January 19 January 20 January 25 January 30 Sales Purchase Sales 155 units @ $21.00 129 units @ $11.00 => 1,320 135 units $21.00 Purchase Totals 290 units @ $19.50 = 3,045 685 units $6,705 290 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 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.