Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product Date Activities Jan. 1 Beginning inventory Jan. 1055 Jan. 20 Purchase: Jan. 25 Sales) Jan. 30 Purchase Totals Units Acquired at Cost 215 units @ $14.00-$3,010 160 units $13.00 -2,000 Units sold at Retail 165 units $23.00 190 units $23.00 330 units @ $12.50- 4,125 705 units 59,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-4 Perpetual: Income effects of inventory methods LO A1