Required information Use the following information for the Exercises 3-7 below. (Static) [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 periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Date Activities Jan. 1 Beginning inventory Units Acquired at Cost Units sold at Retail Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units @ $6.00 $ 640 100 units @$15 60 units @ $5.00- 300 80 units @$15 180 units @ $4.50- 380 units 810 $1,950 180 units