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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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 210 units @ $13.50 = 150 units @ 340 units @ 700 units $ 12.50 = $ 12.00 = $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail 160 units 180 units 340 units $ 22.50 @ $ 22.50 @ cord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a rpetual 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
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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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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
210 units @ $13.50 =
$12.50 =
340 units @ $ 12.00 =
700 units
150 units @
$ 2,835
1,875
4,080
$ 8,790
Units sold at Retail
$ 22.50
160 units @
@ $ 22.50
180 units
340 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.
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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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 210 units @ $13.50 = $12.50 = 340 units @ $ 12.00 = 700 units 150 units @ $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail $ 22.50 160 units @ @ $ 22.50 180 units 340 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.
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assign
perpetual inventory system and FIFO. All sales and purchases are made on account, and no discount
View transaction list
Journal entry worksheet
2
Record the sale of goods.
Note: Enter debits before credits.
Record entry
3
Date
January 10 Accounts receivable
Sales
4 5 6
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Record journal entries for Laker Company's sales and purchases transactions. Assume for this assign perpetual inventory system and FIFO. All sales and purchases are made on account, and no discount View transaction list Journal entry worksheet 2 Record the sale of goods. Note: Enter debits before credits. Record entry 3 Date January 10 Accounts receivable Sales 4 5 6 General Journal Clear entry Debit Credit View general journal
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