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[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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