Required information Skip to question [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 perpetual inventory system. 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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 January 10 Sales 150 units @ $ 16.00 January 20 Purchase 110 units @ $ 6.00 = 660 January 25 Sales 130 units @ $ 16.00 January 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units 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

No Date General Journal Debit Credit 1 January 10 x January 10 N 3 January 20 4 January 25 5 January 25 x X 6 January 30