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Laker Company reported the following January purchases and sales data for its only product. For specific ending inventory consists of 180 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 z Units 140 units 60 units 180 units 380 units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = $ 840 300 810 $ 1,950 Units sold at Retail @$15 @ $15 100 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 80 units 180 units

Laker Company reported the following January purchases and sales data for its only product. For specific ending inventory consists of 180 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 z Units 140 units 60 units 180 units 380 units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = $ 840 300 810 $ 1,950 Units sold at Retail @$15 @ $15 100 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 80 units 180 units

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 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 Beginning inventory Sales Purchase Sales Purchase Totals 1 Activities Journal entry worksheet 2 Record the sale of goods. 3 4 LO 5 Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = 140 units 60 units 180 units 380 units 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 $ 840 300 810 $ 1,950 Units sold at Retail @ $15 100 units 80 units 180 units @$15
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 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 Beginning inventory Sales Purchase Sales Purchase Totals 1 Activities Journal entry worksheet 2 Record the sale of goods. 3 4 LO 5 Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = 140 units 60 units 180 units 380 units 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 $ 840 300 810 $ 1,950 Units sold at Retail @ $15 100 units 80 units 180 units @$15
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