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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. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 11 January 18 January 201 January 25 January 30 Activities View transaction list Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 240 units $16.50 = 170 units @ $15.50- 380 units @ $ 15.00- 790 units Journal entry worksheet $.3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 190 units 0 380 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. $ 25.50 $ 25.50

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. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 11 January 18 January 201 January 25 January 30 Activities View transaction list Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 240 units $16.50 = 170 units @ $15.50- 380 units @ $ 15.00- 790 units Journal entry worksheet $.3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 190 units 0 380 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. $ 25.50 $ 25.50

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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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. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 11 January 18 January 201 January 25 January 30 Activities View transaction list Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 240 units $16.50 = 170 units @ $15.50- 380 units @ $ 15.00- 790 units Journal entry worksheet $.3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 190 units 0 380 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. $ 25.50 $ 25.50
Transcribed Image Text: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. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 11 January 18 January 201 January 25 January 30 Activities View transaction list Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 240 units $16.50 = 170 units @ $15.50- 380 units @ $ 15.00- 790 units Journal entry worksheet $.3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 190 units 0 380 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. $ 25.50 $ 25.50
View transaction list Journal entry worksheet < 1 Record the sale of goods. 3 4 Note: Enter debits before credits. Date January 10 Record entry 5 General Journal Clear entry 6 Debit Credit View general journal
Transcribed Image Text:View transaction list Journal entry worksheet < 1 Record the sale of goods. 3 4 Note: Enter debits before credits. Date January 10 Record entry 5 General Journal Clear entry 6 Debit Credit View general journal
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