Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 Beginning inventory Sales Units Acquired at Cost 200 units @ $12.50 = $2,500 Units sold at Retail 160 units @ $ 21.50 January 20 January 25 January 30 Purchase Sales Purchase Totals 130 units @ $11.50 = 300 units @ $ 11.00 = 630 units 1,495 3,300 $ 7,295 140 units @ $ 21.50 300 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.