[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail units Date January 1 Beginning inventory 40 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales Purchase Totals 70 90 20 220 units units units units @ $2 = $ 80 $3 = $ 210 @ @ $4 = $360 @ $5= $ 100 30 units @ $8 $ 750 176 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. 60 units @ $8 86 units @ $8
[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail units Date January 1 Beginning inventory 40 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales Purchase Totals 70 90 20 220 units units units units @ $2 = $ 80 $3 = $ 210 @ @ $4 = $360 @ $5= $ 100 30 units @ $8 $ 750 176 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. 60 units @ $8 86 units @ $8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Activities
Units Acquired at Cost Units Sold at Retail
units
Date
January 1 Beginning inventory 40
January 3
February 14
February 15
June 30
November 6
November 19
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
70
90
20
220
units
units
units
units
@ $2
@ $3
@ $4
= $ 80
=
=
@ $5 =
$ 210
$360
$ 100
30
60
86
units @ $8
$750 176 units
Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All
sales and purchases are made on account, and no discounts are offered.
units @ $8
units @ $8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ac54068-09d0-4df4-866a-66121ad2e10c%2F19b14383-aefd-4cbe-8e1f-1b1765d387f0%2F4aan9cs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Activities
Units Acquired at Cost Units Sold at Retail
units
Date
January 1 Beginning inventory 40
January 3
February 14
February 15
June 30
November 6
November 19
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
70
90
20
220
units
units
units
units
@ $2
@ $3
@ $4
= $ 80
=
=
@ $5 =
$ 210
$360
$ 100
30
60
86
units @ $8
$750 176 units
Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All
sales and purchases are made on account, and no discounts are offered.
units @ $8
units @ $8
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