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. 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 $5-5($Algo$)$ Perpetual: Gross profit effects of inventory methods LO A$1$

Assume the perpetual inventory system is used.

Required: