Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 170 units @ $ 9.50 = $1,615 Units sold at Retail January 10 Sales 130 units @ $ 18.50 January 20 January 25 January 30 Purchase Sales Purchase Totals 120 units @ 260 units @ 550 units $8.50 = 1,020 130 units @ $ 18.50 $ 8.00 = 2,080 $ 4,715 260 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
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 170 units @ $ 9.50 = $1,615 Units sold at Retail January 10 Sales 130 units @ $ 18.50 January 20 January 25 January 30 Purchase Sales Purchase Totals 120 units @ 260 units @ 550 units $8.50 = 1,020 130 units @ $ 18.50 $ 8.00 = 2,080 $ 4,715 260 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
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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