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. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. 'ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered