Required Information

Use the following information for the Exercises $3-7$ below. $($Algo$)$

$[$The following informotion opplies to the questions clisplayed below.$]$

Laker Company reported the following January purchoses and soles dato for its only product. The Compony uses o

perpetual inventory system. For specific identification, ending inventory consists of $370$ units from the Janusry $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory.

Exerclse $5\mathrm{.}4($Algo$)$ Perpetual: Journallzing transactlons LO P$1$

Record journal entries for Laker Company's sales and purchoses transoctions. Assume for this sssignment that the company uses a

perpetusl inventory system and FIFO. All sales and purchases are msde on sccount, and no discounts are offered.

Journal entry worksheet

$1)$ Record the sale of goods. $[$January $10]$

$2)$ Record the cost of sale. $[$January $10]$

$3)$ Record the purchase of inventory. $[$January $20]$

$4)$ Record the sale of goods. $[$January $25]$

$5)$ Record the cost of sale. $[$January $25]$

$6)$Record the purchase of inventory. $[$January $30]$

Note: Enter debits befare credits.