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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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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