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Required information 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory cute Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 175 units @ $ 10.00 - 5 1,750 January 10 Sales 135 units $ 19.00 January 20 Purchase 130 unitse $9.00 1,170 January 25 Sales 140 units $ 19.00 January 30 Purchase 275 units 5 7.00 - 1,925 Totals 580 units $ 4,845 275 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 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. x 1 Record the sale of goods. 2 Record the cost of sale. 3 Record the purchase of inventory. 4 Record the sale of goods. s Record the cost of sale. Credit 6 Record the purchase of inventory