! Required information Use the following information for the Exercises 3-7 below. (Algo) [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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = 300 units @ 630 units $ 11.00 = $ 2,500 1,495 3,300 $ 7,295 Units sold at Retail 160 units 140 units 300 units @ @ $ 21.50 $ 21.50 Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 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.

Required information Use the following information for the Exercises 3-7 below. (Algo) [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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Required information Use the following information for the Exercises 3-7 below. (Algo) [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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 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