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 240 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 55 are from beginning inventory. Date Activities Units Acquired at Coat Units sold at Retail Jan. 1 Beginning inventory 160 units $6.00 - $ 960 Jan. 10 Sales 80 units $15.00 Jan. 20 Purchase 80 units $5.00 - 400 Jan. 25 Sales 100 units $15.00 Jan. 30 Purchase 180 units $4.50 - B10 Totals 420 units $2,170 180 units Exercise 5-6A (Algo) Perpetual: Journalizing transactions LO P3 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 View transaction list Journal entry worksheet 1 2 3 4 > 5 6 Record the sale of goods. Note: Enter debits before credits. General Journal Debit Credit Date Jan 10 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the purchase of inventory. Note: Enter debits before credits. Date General Journal Dobit Credit Jan 20 Record entry Clear entry View general Journal View transaction list Journal entry worksheet