Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic

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Laker Company reported the following January purchases and salesdata for its only product. The Company uses a periodic inventorysystem. For specific identification, ending inventory consists of220 units, where 180 are from the January 30 purchase, 5 are fromthe January 20 purchase, and 35 are from beginning inventory.
Record journal entries for Laker Company’s sales and purchasestransactions. Assume for this assignment that the company uses aperpetual inventory system and FIFO. All sales and purchases aremade on account, and no discounts are offered.