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. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 236 units, where 180 are from the Januaty 30 purchase, 5 are from the January 20 purchase, and 51 are from beginning inventory. Exercise 5.6A (Algo) Perpetual: Journalizing transactions LO P3 Recard journol entries for Laker Company's salos and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FiFO. All sales and purchases are mode on account, and no discounts are offered. Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual irventory system and FiFO. All sales and purchases are made on account, and no discounts are offered