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Required information Skip to question [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for
Required information
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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. The Company uses a perpetual inventory system. 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 | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| January 1 | Beginning inventory | 170 | units | @ | $ 9.50 | = | $ 1,615 | ||||
| January 10 | Sales | 130 | units | @ | $ 18.50 | ||||||
| January 20 | Purchase | 120 | units | @ | $ 8.50 | = | 1,020 | ||||
| January 25 | Sales | 130 | units | @ | $ 18.50 | ||||||
| January 30 | Purchase | 260 | units | @ | $ 8.00 | = | 2,080 | ||||
| Totals | 550 | units | $ 4,715 | 260 | units | ||||||
rev: 10_06_2020_QC_CS-232448
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 Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
