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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units sold at Retail Units Acquired at Cost 225 units @ $ 15.00 = $ 3,375 175 units @ $ 24.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 180 units @ $ 14.00 = 2,520 210 units @ $ 24.00 $ 12.00 = 385 units @ 790 units 4,620 $ 10,515 385 units 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. View transaction list Journal entry worksheet Record the cost of sale. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Cost of goods sold Merchandise inventory Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the purchase of inventory. Note: Enter debits before credits. Date General Journal Debit Credit January 30 Merchandise inventory Accounts payable Record entry Clear entry View general journal