3
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Required information
[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 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
View transaction list
View journal entry worksheet
Record the sale of goods.
Record the cost of sale.
Record the purchase of inventory.
Record the sale of goods.
Record the cost of sale.
Record the purchase of inventory.
Note: = journal entry has been entered
Units Acquired at Cost
150 units@ $7.50 =
80 units @
$ 6.50 =
$ 6.00 =
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.
Accounts payable
200 units @
430 units
X
$ 1,125
520
1,200
$ 2,845
1
Units sold at Retail
110 units
90 units
200 units
Debit
1,815
825
520
1,485
@
1,200
$16.50
$16.50
Credit
1,815
825
520
1,485
1,200
Ⓒ/n3
Part 3 of 3
6.66
points
eBook
Ask
C
References
i
Required information
[The following information applies to the questions displayed below.]
N
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 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
IN
Date
January 11
January 10
January 20
January 25
January 30
View transaction list View journal entry worksheet
Date
January 10
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.
No
1
2
3
4
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
5
6
January 10
January 20
January 25
January 25
January 30
Accounts receivable
Sales
Cost of goods sold
Merchandise inventory
Merchandise inventory
Accounts payable
Accounts receivable
Sales
Cost of goods sold
Merchandise inventory
Units Acquired at Cost
150 units @ $ 7.50 = $ 1,125
80 units @ $ 6.50 =
200 units @
430 units
520
1,200
$ 6.00 =
$ 2,845
Merchandise inventory
Accounts payable
Units sold at Retail
110 units
90 units
@
@
General Journal
200 units
Debit
1,815
825
520
||
1,485
$ 16.50
$16.50
1,200
Credit
1,815
825
520
1,485
1,200
Ⓒ
Fig: 1
Fig: 2
