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 300 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 Sales Purchase January 25 Sales January 30 Purchase Totals Activities Beginning inventory Units Acquired at Cost 200 units @ $12.50 = Units sold at Retail $ 2,500 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $21.50 300 units 630 units $ 11.00 = 3,300 $ 7,295 300 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit Record entry Clear entry View general journal
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 300 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 Sales Purchase January 25 Sales January 30 Purchase Totals Activities Beginning inventory Units Acquired at Cost 200 units @ $12.50 = Units sold at Retail $ 2,500 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $21.50 300 units 630 units $ 11.00 = 3,300 $ 7,295 300 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit Record entry Clear entry View general journal
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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 300 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
Sales
Purchase
January 25
Sales
January 30
Purchase
Totals
Activities
Beginning inventory
Units Acquired at Cost
200 units @ $12.50 =
Units sold at Retail
$ 2,500
160 units
@
$ 21.50
130 units @
$ 11.50 =
1,495
140 units
$21.50
300 units
630 units
$ 11.00 =
3,300
$ 7,295
300 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.
View transaction list
Journal entry worksheet
<
1 2 3 4 5 6
Record the sale of goods.
Note: Enter debits before credits.
Date
January 10
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d3182a3-6690-40be-b718-41a40b1b747e%2F52eec30b-2529-49f6-8fa2-27160eb4b51b%2F21mm2rv_processed.png&w=3840&q=75)
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 300 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
Sales
Purchase
January 25
Sales
January 30
Purchase
Totals
Activities
Beginning inventory
Units Acquired at Cost
200 units @ $12.50 =
Units sold at Retail
$ 2,500
160 units
@
$ 21.50
130 units @
$ 11.50 =
1,495
140 units
$21.50
300 units
630 units
$ 11.00 =
3,300
$ 7,295
300 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.
View transaction list
Journal entry worksheet
<
1 2 3 4 5 6
Record the sale of goods.
Note: Enter debits before credits.
Date
January 10
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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