[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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	185	units	@	$ 11.00	=	$ 2,035
January 10	Sales							145	units	@	$ 20.00
January 20	Purchase	100	units	@	$ 10.00	=	1,000
January 25	Sales							125	units	@	$ 20.00
January 30	Purchase	270	units	@	$ 9.50	=	2,565
	Totals	555	units				$ 5,600	270	units

Record journal entries for Laker Companys 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.