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[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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 January 201 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = $ 1,750 135 units @ Units sold at Retail $ 19.00 130 units @ 275 units @ 580 units $ 9.00 = $ 7.00 = 1,170 1,925 $ 4,845 140 units @ $ 19.00 275 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5 - 4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet Record the sale of goods. Note: Enter debits before credits. (Note there are 6 parts) 1) Record the sale of goods. 2) Record the cost of sale. 3) Record the purchase of inventory. 4) Record the sale of goods. 5) Record the cost of sale. 6) Record the purchase of inventory.

[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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 January 201 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = $ 1,750 135 units @ Units sold at Retail $ 19.00 130 units @ 275 units @ 580 units $ 9.00 = $ 7.00 = 1,170 1,925 $ 4,845 140 units @ $ 19.00 275 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5 - 4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet Record the sale of goods. Note: Enter debits before credits. (Note there are 6 parts) 1) Record the sale of goods. 2) Record the cost of sale. 3) Record the purchase of inventory. 4) Record the sale of goods. 5) Record the cost of sale. 6) Record the purchase of inventory.

Cornerstones of Financial Accounting
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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[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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 January 201 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = $ 1,750 135 units @ Units sold at Retail $ 19.00 130 units @ 275 units @ 580 units $ 9.00 = $ 7.00 = 1,170 1,925 $ 4,845 140 units @ $ 19.00 275 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use 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
Transcribed Image Text:[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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 January 201 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = $ 1,750 135 units @ Units sold at Retail $ 19.00 130 units @ 275 units @ 580 units $ 9.00 = $ 7.00 = 1,170 1,925 $ 4,845 140 units @ $ 19.00 275 units Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5 - 4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet Record the sale of goods. Note: Enter debits before credits. (Note there are 6 parts) 1) Record the sale of goods. 2) Record the cost of sale. 3) Record the purchase of inventory. 4) Record the sale of goods. 5) Record the cost of sale. 6) Record the purchase of inventory.
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Exercise 5 - 4 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. Journal entry worksheet Record the sale of goods. Note: Enter debits before credits. (Note there are 6 parts) 1) Record the sale of goods. 2) Record the cost of sale. 3) Record the purchase of inventory. 4) Record the sale of goods. 5) Record the cost of sale. 6) Record the purchase of inventory.
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