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 periodic inventory system. For specific identification, ending inventory consists of 305 units, where 275 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 175 units @ $10.00 $1,750 130 units @ $ 9.00-1,170 275 units @ $ 8.00- 2,200 580 units Units sold at Retail 135 units @ $19.00 140 units @ $19.00 $5,120 275 units