Required information [The following information applies to the questions displayed below] Laker Compony reported the...
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Required information [The following information applies to the questions displayed below] Laker Compony reported the following January purchases and sales data for its only product. The Company uses a perpetual ihventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. 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
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