[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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	210	units	@	$ 13.50	=	$ 2,835
January 10	Sales							160	units	@	$ 22.50
January 20	Purchase	150	units	@	$ 12.50	=	1,875
January 25	Sales							180	units	@	$ 22.50
January 30	Purchase	340	units	@	$ 12.00	=	4,080
	Totals	700	units				$ 8,790	340	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.

Journal entry worksheet