Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 201 January 25 January 30 I View transaction list View journal entry worksheet No 1 2 3 4 Activities Beginning inventory Sales Purchase Sales Purchase Totals 5 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. 6 Date January 10 January 10 January 20 January 25 January 25 January 30 Accounts receivable Cost of goods sold Merchandise inventory Accounts receivable Cost of goods sold Units Acquired at Cost 235 units @ $ 16.00- 180 units $15.00- $13.00 - Merchar lise inventory 385 units 800 units $ 3,760 2,700 5,005 $ 11,465 General Journal Units sold at Retail 185 units e 200 units 385 units Debit 4,625 2,960 2,700 5,000 3,050 5.005 $ 25.00 $ 25.00 Credit Ⓒ fond
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 201 January 25 January 30 I View transaction list View journal entry worksheet No 1 2 3 4 Activities Beginning inventory Sales Purchase Sales Purchase Totals 5 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. 6 Date January 10 January 10 January 20 January 25 January 25 January 30 Accounts receivable Cost of goods sold Merchandise inventory Accounts receivable Cost of goods sold Units Acquired at Cost 235 units @ $ 16.00- 180 units $15.00- $13.00 - Merchar lise inventory 385 units 800 units $ 3,760 2,700 5,005 $ 11,465 General Journal Units sold at Retail 185 units e 200 units 385 units Debit 4,625 2,960 2,700 5,000 3,050 5.005 $ 25.00 $ 25.00 Credit Ⓒ fond
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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Jk. 185.
![Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units
from beginning inventory.
V
Date
January 1
January 10
January 20
January 25
January 30
View transaction list View Journal entry worksheet
Date
January 10
No
/ 1
"
i
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
3
4
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
5
6
January 10 Cost of goods sold
January 20
January 25
January 25
Accounts receivable
January 30
Merchandise inventory
Accounts receivable
Cost of goods sold
Units Acquired at Cost
235 units @ $ 16.00-
180 units
$ 15.00-
385 units
$ 13.00-
800 units
Merchandise inventory
$ 3,760
2,700
5,005
$ 11,465
General Journal
Units sold at Retail
185 units
200 units
385 units
Debit
4,625
2,960
2,700
5,000
3,050
5,005
$ 25.00
$ 25.00
Credit
fond](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc099cd14-8e7a-497e-ad22-59566121e7f5%2F7b7294fd-dca1-46ac-963e-aaf5bdee9c3d%2Frmaj9h_processed.png&w=3840&q=75)
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units
from beginning inventory.
V
Date
January 1
January 10
January 20
January 25
January 30
View transaction list View Journal entry worksheet
Date
January 10
No
/ 1
"
i
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
3
4
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
5
6
January 10 Cost of goods sold
January 20
January 25
January 25
Accounts receivable
January 30
Merchandise inventory
Accounts receivable
Cost of goods sold
Units Acquired at Cost
235 units @ $ 16.00-
180 units
$ 15.00-
385 units
$ 13.00-
800 units
Merchandise inventory
$ 3,760
2,700
5,005
$ 11,465
General Journal
Units sold at Retail
185 units
200 units
385 units
Debit
4,625
2,960
2,700
5,000
3,050
5,005
$ 25.00
$ 25.00
Credit
fond
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