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. 10 Sales Units Acquired at Cost 140 units @ $6.00 $ 840 Units sold at Retail Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units @ $15 60 units @ $5.00 = 180 units @ $4.50= 380 units 300 80 units @ $15 810 $1,950 180 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: