Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 11 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 215 units @ $ 14.00 = 160 units @ $13.00 = $ 11.00- 355 units@ 730 units $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units $ 23.00 $ 23.00 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
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Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 355 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
<
Journal entry worksheet
1
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
2
Date
January 10
Record the sale of goods.
3 4 5 6
Note: Enter debits before credits.
Record entry
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.
General Journal
Units Acquired at Cost
215 units @
$14.00
160 units @
$ 13.00-
Clear entry
355 units @
730 units
$ 11.00 =
Debit
$3,010
2,080
3,905
$ 8,995
Credit
View general journal
Units sold at Retail
>
165 units
190 units
355 units
@
@
$ 23.00
$ 23.00
Transcribed Image Text:3 Part 3 of 3 Skipped eBook ! 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 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 < Journal entry worksheet 1 Activities Beginning inventory Sales Purchase Sales Purchase Totals 2 Date January 10 Record the sale of goods. 3 4 5 6 Note: Enter debits before credits. Record entry 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. General Journal Units Acquired at Cost 215 units @ $14.00 160 units @ $ 13.00- Clear entry 355 units @ 730 units $ 11.00 = Debit $3,010 2,080 3,905 $ 8,995 Credit View general journal Units sold at Retail > 165 units 190 units 355 units @ @ $ 23.00 $ 23.00
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