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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 Activities Beginning inventory Sales January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 145 units @ $ 7.00 = $ 1,015 Units sold at Retail 105 units @ $ 16.00 70 units @ $ 6.00 = 420 85 units @ $ 16.00 190 units 405 units $ 5.50 = 1,045 $ 2,480 190 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.