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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning Inventory Activities Units Acquired at cost Units sold at Retail January 1 Beginning inventory 150 units @ $7.50 $ 1,125 January 10 Sales 110 units January 20 Purchase 80 units @ $ 6.50 January 25 Sales 90 units @ January 30 Purchase 200 units $6.00 1,200 Totals 430 units $ 2,845 Date @ $ 16.50 520 $16.50 200 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 Journal entry worksheet Record the cost of sale. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Journal entry worksheet