Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 230 units @ $ 15.50 = $14.50 = 190 units @ 400 units 820 units $ 14.00 = $ 3,565 2,755 5,600 $ 11,920 Units sold at Retail. 180 units 220 units 400 units @ @ $ 24.50 $ 24.50 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.
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 230 units @ $ 15.50 = $14.50 = 190 units @ 400 units 820 units $ 14.00 = $ 3,565 2,755 5,600 $ 11,920 Units sold at Retail. 180 units 220 units 400 units @ @ $ 24.50 $ 24.50 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
View transaction list
<
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Journal entry worksheet
1
2
Record the sale of goods.
3
5
Units Acquired at Cost
$ 15.50 =
230 units @
190 units @
400 units
820 units
6
$14.50 =
$ 14.00 =
$ 3,565
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.
2,755
5,600
$ 11,920
Units sold at Retail
>
180 units
220 units
400 units
$ 24.50
$24.50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a793ff7-87e0-4fd0-a627-133ebc0c5bff%2F2d8b1fca-29bb-495f-a942-3c9a6ff20324%2Fm1xuzd7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
!
Required information
[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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
View transaction list
<
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Journal entry worksheet
1
2
Record the sale of goods.
3
5
Units Acquired at Cost
$ 15.50 =
230 units @
190 units @
400 units
820 units
6
$14.50 =
$ 14.00 =
$ 3,565
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.
2,755
5,600
$ 11,920
Units sold at Retail
>
180 units
220 units
400 units
$ 24.50
$24.50
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