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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	235	units	@	$ 16.00	=	$ 3,760
January 10	Sales							185	units	@	$ 25.00
January 20	Purchase	180	units	@	$ 15.00	=	2,700
January 25	Sales							200	units	@	$ 25.00
January 30	Purchase	385	units	@	$ 13.00	=	5,005
	Totals	800	units				$ 11,465	385	units

Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1

Record journal entries for Laker Companys 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.