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Saved Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification,
Saved Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 $ 840 Jan. 10 Sales 100 units @ $ 15 Jan. 20 Purchase 60 units @ $5.00 = Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.50 810 Totals 380 units $1,950 180 units 300 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 View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date General Journal Debit Credit Jan 10 Record entry Clear entry View general journal Sdles dha purchases are made on account, and no discounts View transaction list Journal entry worksheet Record the cost of sale. Note: Enter debits before credits. Date General Journal Debit Credit Jan 25 Record entry Clear entry View general journal aw
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