Use the following information for the Exercises 3-7 below. (Algo) [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 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Units Acquired at Cost 180 units @ $ 10.50 = Units sold at Retail $ 1,890 140 units $ 19.50 110 units @ $ 9.50 = 1,045 130 units @ $ 19.50 270 units @ 560 units $ 9.00 = 2,430 $ 5,365 270 units Exercise 6-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1