FINANCIAL & MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781266640667
Author: Wild
Publisher: MCG
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Question
Chapter 5, Problem 12E
To determine
Introduction:
To prepare: Journal entries.
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Required information
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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 380 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
View transaction list
Activities
Beginning inventory
Sales
Purchase
Sales.
Purchase
Totals
Journal entry worksheet
1
<
3
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.
Record the sale of goods.
4
5
Units Acquired at Cost
240 units @ $16.50-
170 units @ $15.50
380 units @ $ 15.00-
790 units
6
$ 3,960
2,635
5,700
$ 12,295
Units sold at Retail
190 units 0 $25.50
e $25.50
190 units
380 units
Using the accounts listed below, record journal entries for the following transactions for Dish Mart, which uses the perpetual inventory system:
Required information
[The following information applies to the questions displayed below.]
Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following
transactions during the month:
Sold 9 shovels on account at a selling price of $10 per unit.
January 2
January 16 Sold 12 shovels on account at a selling price of $10 per unit.
January 18 Bought 4 shovels on account at a cost of $5 per unit.
January 19 Sold 12 shovels on account at a selling price of $10 per unit.
January 24 Bought 12 shovels on account at a cost of $5 per unit.
January 31 Counted inventory and determined that 15 units were on hand.
Chapter 5 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING
Ch. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Perpetual: Inventory costing with FIFO P1 A...Ch. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - A Periodic: Inventory costing with weighted...
Ch. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Perpetual: Inventory costing with weighted average...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 24QSCh. 5 - Prob. 25QSCh. 5 - Prob. 26QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Exercise 5-3 Perpetual: Inventory costing methods...Ch. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 1PSACh. 5 - Prob. 2PSACh. 5 - Prob. 3PSACh. 5 - Problem 5-4AA Periodic: Alternative cost flows...Ch. 5 - Prob. 5PSACh. 5 - Prob. 6PSACh. 5 - Prob. 7PSACh. 5 - Prob. 8PSACh. 5 - Prob. 9PSACh. 5 - Prob. 10PSACh. 5 - Prob. 1PSBCh. 5 - Prob. 2PSBCh. 5 - Prob. 3PSBCh. 5 - Prob. 4PSBCh. 5 - Prob. 5PSBCh. 5 - Prob. 6PSBCh. 5 - Prob. 7PSBCh. 5 - Problem 5-8BA Periodic: Income comparisons and...Ch. 5 - Prob. 9PSBCh. 5 - Prob. 10PSBCh. 5 - Prob. 5SPCh. 5 - Prob. 1.1AACh. 5 - Prob. 1.2AACh. 5 - Prob. 1.3AACh. 5 - Prob. 1.4AACh. 5 - Prob. 2.1AACh. 5 - Prob. 2.2AACh. 5 - Prob. 2.3AACh. 5 - Prob. 3.1AACh. 5 - Prob. 3.2AACh. 5 - Prob. 3.3AACh. 5 - Describe how costs flow inventory to cost of goods...Ch. 5 - Where is the amount of merchandise inventory...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - What factors contribute to (or cause) inventory...Ch. 5 - Prob. 8DQCh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 5BTN
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