[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year...
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Accounting
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
January 1
Beginning inventory
40
units
@ $2
=
$ 80
January 3
Sales
30
units
@ $8
February 14
Purchase
70
units
@ $3
=
$ 210
February 15
Sales
60
units
@ $8
June 30
Purchase
90
units
@ $4
=
$ 360
November 6
Sales
86
units
@ $8
November 19
Purchase
20
units
@ $5
=
$ 100
Totals
220
units
$ 750
176
units
Record journal entries for Tree Seedlings sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
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