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

Name: Jk. 185. Laker Company reported the following January purchases and sa
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Description: 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 unitsfr

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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