Required Information Use the following information for the Exercises 3-7 below. (Algo) (The following information...
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Required Information Use the following information for the Exercises 3-7 below. (Algo) (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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Units sold at Date Activities Units Acquired at Cost Retail January Beginning $ 1 inventory 185 units 11.00 - $ 2,035 January 10 Sales 145 units @ $ 20.00 January Purchase 20 100 units 10.00 1,000 January 25 125 units $ 20.00 January Purchase 30 270 units@ $ 9.50 - 2,565 Totals 555 units $ 5,600 270 units Sales Exercise 6-4 (Algo) Perpetual: Journalizing transactions LO P1 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 Note: Enter debits before credits. General Journal Debit Credit Date January 10 Record entry View general journal Clear entry
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