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.

Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. The Company uses a Laker Company reported the following January poichases and saies data for its only product system. For specific identification, ending inventory consists of 385 units from the January 30 perpetual inventory system and FFO. All sales and purchases are made on account, and no discounts are offered. Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company u perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered