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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 bnly 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. Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 Rocord joumal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the compony uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet Journal entry worksheet Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet (1) 2 Journal entry worksheet (1) 2 3 4 Journal entry worksheet 234 Note: Enter debits before credits