Question
Required information Use the following information for the Exercises 3-7 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Laker
Required information
Use the following information for the Exercises 3-7 below. (Algo)
Skip to question
[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 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
| Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| January 1 | Beginning inventory | 215 | units | @ | $ 14.00 | = | $ 3,010 | ||||
| January 10 | Sales | 165 | units | @ | $ 23.00 | ||||||
| January 20 | Purchase | 160 | units | @ | $ 13.00 | = | 2,080 | ||||
| January 25 | Sales | 190 | units | @ | $ 23.00 | ||||||
| January 30 | Purchase | 355 | units | @ | $ 11.00 | = | 3,905 | ||||
| Totals | 730 | units | $ 8,995 | 355 | units | ||||||
Exercise 5-4 (Algo) Perpetual: Journalizing transactions LO P1
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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Culture Audits Supporting Organizational Success Information Line
Authors: Cynthia Solomon
1st Edition
156286386X, 978-1562863869
