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 1 January 10 January 20 January 25 January 30 Activities 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 $ 3,960 2,635 5,708 $ 12,295 Units sold at Retail 190 units 0 190 units 380 units $25.50 e $ 25.50 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.
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 1 January 10 January 20 January 25 January 30 Activities 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 $ 3,960 2,635 5,708 $ 12,295 Units sold at Retail 190 units 0 190 units 380 units $25.50 e $ 25.50 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.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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