Dineshbhai Required InformationUse the following information for the Exercises 3-7 below. (Algo)[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 aperpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.DateJanuary 1January 10January 28January 25January 30View transaction EctActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsJournal entry worksheet1 2 3 4 5 6Record the sale of goods.Note: Enter debits before credits.DateJanuary 10Record entryGeneral JournalUnits Acquired at Cost@ $ 14.50 -@$ 13.50 -Clear entry228 units178 units378 units760 unitsExercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses aperpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.$ 13.00-Debit$ 3,190Credit2,2954,818$ 18,295Units sold at RetailView general Journal178 units208 units378 units@$ 23.50$ 23.50

Name: Dineshbhai Required InformationUse the following information for the E
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Dineshbhai Required InformationUse the following information for the Exercises 3-7 below. (Algo)[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only pr

The cost of goods sold records the cost of goods that are sold during the period. Using FIFO method,…

Business

Accounting

Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 18 January 28 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals New transaction list Units Acquired at Cost 228 units @ $ 14.50 - 178 units @ $ 13.50- 379 units @ $ 13.00- 768 units $ 3,190 2,295 4,810 $ 18,295 Units sold at Retail @ @ 178 units 200 units 378 units $ 23.50 $ 23.50 rcise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 rd journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a etual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.