Laker Company reported the following January purchases and sales data for its only product. 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 January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 190 units @ $ 7.00 = 110 units @ $ 6.00 = 280 units @ $ 5.50 = 580 units Units sold at Retail $ 1,330 150 units @ $ 16.00 660 130 units @ $ 16.00 1,540 $ 3,530 280 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.