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 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Date Activities Beginning inventory Units Acquired at Cost January 1 Units sold at Retail 165 units @ $ 9.00 - $ 1,485 January 10 Sales 125 units $18.00 January 20 Purchase 110 units $ 8.00 880 January 25 Sales 125 units $ 18.00 January 30 Purchase 250 units $ 7.50 = 1,875 Totals 525 units $ 4,240 250 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. dssignment that the compar perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Answer is not complete. No Date General Journal Debit Credit 1 January 10 Accounts receivable 2,250 >> Sales 2.250 2 January 10 Cost of goods sold Merchandise inventory 1,125 1,125 3 January 20 Merchandise inventory Accounts payable > 4 January 25 Accounts receivable Sales 5 January 25 Cost of goods sold Merchandise inventory 6 January 30 Merchandise inventory Accounts payable