Journal entry worksheet:

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

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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units sold at Retail Units Acquired at Cost 150 units $ 7.50 = $ 1,125 110 units @ $ 16.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 80 units @ $ 6.50 = 520 90 units @ $ 16.50 @ $ 6.00 = 200 units 430 units 1,200 $ 2,845 Totals 200 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 uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered