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Laker Company reported the following January purchases and sales data for its only product. For...

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Accounting

Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units
from beginning inventory.
Exercise 5-4(Algo) Perpetual: Journalizing transactions LO P1
Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company use
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.
Note: Enter debits before credits.
(Note there are 6 parts)
1) Record the sale of goods.
2) Record the cost of sale.
3) Record the purchase of inventory.
4) Record the sale of goods.
5) Record the cost of sale.
6) Record the purchase of inventory.
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