Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. t 3 of 3 Date January 1 Activities January 10 January 20 kipped January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = 130 units @ 275 units @ 580 units Units sold at Retail $ 1,750 135 units @ $ 19.00 $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units eBook 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. View transaction list View journal entry worksheet No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold Merchandise inventory 3 January 20 Merchandise inventory Accounts payable 4 January 25 Accounts receivable Sales 5 January 25 Cost of goods sold Merchandise inventory Debit Credit 6 January 30 Merchandise inventory S < Prev 3 of 9 Next > Check m
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. t 3 of 3 Date January 1 Activities January 10 January 20 kipped January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = 130 units @ 275 units @ 580 units Units sold at Retail $ 1,750 135 units @ $ 19.00 $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units eBook 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. View transaction list View journal entry worksheet No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold Merchandise inventory 3 January 20 Merchandise inventory Accounts payable 4 January 25 Accounts receivable Sales 5 January 25 Cost of goods sold Merchandise inventory Debit Credit 6 January 30 Merchandise inventory S < Prev 3 of 9 Next > Check m
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units
from beginning inventory.
t 3 of 3
Date
January 1
Activities
January 10
January 20
kipped
January 25
January 30
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
175 units @ $ 10.00 =
130 units @
275 units @
580 units
Units sold at Retail
$ 1,750
135 units @
$ 19.00
$ 9.00 =
1,170
140 units
$ 19.00
$ 7.00 =
1,925
$ 4,845
275 units
eBook
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.
View transaction list
View journal entry worksheet
No
1
Date
January 10
General Journal
Accounts receivable
Sales
2
January 10
Cost of goods sold
Merchandise inventory
3
January 20
Merchandise inventory
Accounts payable
4
January 25
Accounts receivable
Sales
5
January 25
Cost of goods sold
Merchandise inventory
Debit
Credit
6
January 30
Merchandise inventory
S
< Prev
3
of 9
Next >
Check m
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