Question
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
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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.
| Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| January 1 | Beginning inventory | 155 | units | @ | $ 8.00 | = | $ 1,240 | ||||
| January 10 | Sales | 115 | units | @ | $ 17.00 | ||||||
| January 20 | Purchase | 90 | units | @ | $ 7.00 | = | 630 | ||||
| January 25 | Sales | 95 | units | @ | $ 17.00 | ||||||
| January 30 | Purchase | 210 | units | @ | $ 6.50 | = | 1,365 | ||||
| Totals | 455 | units | $ 3,235 | 210 | units | ||||||
Record journal entries for Laker Companys 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.
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The Social Audit Consumer Handbook A Guide To The Social Responsibilities Of Business To The Consumer
Authors: Charles Medawar
1978th Edition
0333216660, 978-0333216668
