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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 160 units $8.50-$1,360 Units sold at Retail 120 units $17.50 100 units $7.50 - 750 120 units $17.50 220 units $7.00- 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.