Exercise 5-3 Perpetual: Inventory costing methods LO P1 IThe following information applies to the questions displayed belowj Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost Date Activities Jan. 1 Beginning inventory 270 units a $9.40 2,538 Jan. 10 Sales 150 units $17.40 340 units $8.40 2,856 Jan. 20 Purchase 265 units $17.40 Jan. 25 Sales 210 units 740 1,554 Jan. 30 Purchase Totals $6,948 415 units 820 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 405 units, where 210 are from the January 30 purchase, 8o are from the January 20 purchase, and 115 are from beginning inventory