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Accounting

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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 165 units @ $ 9.00= $ 1,485
January 10 Sales 125 units @ $ 18.00
January 20 Purchase 110 units @ $ 8.00=880
January 25 Sales 125 units @ $ 18.00
January 30 Purchase 250 units @ $ 7.50=1,875
Totals 525 units $ 4,240250 units
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.
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.

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