Required information [The following information applles to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific Identlication, ending inventory consists of 300 unlts from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. cord journal entrles for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses rpetual Inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered