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 228 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 43 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 154 units Units Acquired at Cost $ 6.00- Units sold at Retail $924 86 units @ $ 15.00 74 units $5.00 - 370 94 units @ $ 15.00 180 units 408 units $ 4.50 810 $ 2,104 180 units ercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 eBook entries for Laker Company's sales and purchases transactions. Assume for this a perpetual inventory system and FIFO. All sales and purchases are made on account, and no dis Print View transaction list References 1 Record the sale of goods. 2 Record the cost of sale. C raw 3 Record the purchase of inventory. 4 Record the sale of goods. 5 Record the cost of sale. 6 Record the purchase of inventory. Note: journal entry has been entered Record entry X Credit Clear entry View general journal Prev