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 perpetual inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 18 January 20 January 25 January 30 Sales Purchase Sales Purchase Activities Beginning inventory 210 units @ Units Acquired at Cost $13.50 = Units sold at Retail $ 2,835 160 units @ $ 22:50 150 units $12.50 = 1,875 180 units e $ 22.50 Totals 340 units 700 units $ 12.00 = 4,080 $ 8,790 340 units rcise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 9