Rets 2 of 3 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 175 units @ $ 10.00 = $ 1.750 January 10 Sales 135 units $ 19.00 January 20 Purchase 130 units $ 9.00 January 25 Sales 140 units @ 5 19.00 January 30 Purchase 275 units $ 7.00 = 1,925 Totals 580 units $ 4,845 275 units 1,170 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 Answer is not complete. No Date General Journal 1 Debit January 10 Credit Accounts receivable Sales 2,565 O 2,565 2 January 10 Cost of goods sold Merchandise inventory 1,350 1,350 3 January 20 Merchandise inventory Accounts payable 1,170 1.170 4 January 25 Accounts receivable Sales 2,660 2,660 5 January 25 1,260 X Cost of goods sold Merchandise inventory >$ 1.260