lecord joumal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpethial inventory system and FIFO All sales and purchases are made on account, and no discounts are offered, Recond joumal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetuin' hrvertory syetem and FIFO. All sales and purchases are made on account, and no discounts are offered. Iecard joumal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses erpebial inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered