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. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost Units sold at Retail 170 units @ $ 9.50 = $ 1,615 January 10 Sales 130 units @ $ 18.50 January 20 Purchase 120 units @ $ 8.50 = 1,020 January 25 Sales 130 units @ $ 18.50 January 30 Purchase Totals 260 units @ 550 units $ 8.00 = 2,080 $ 4,715 260 units Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1