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 perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory January 10 January 20 Sales Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost 215 units $14.00 $ 3,010 Units sold at Retail 165 units $23.00 160 units $13.00- 2,080 190 units @ $23.00 355 units @ $11.00 = 730 units 3,905 $8,995 355 units 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.