Refer to sales and purchases data from Exercise 5-11 and record journal entries for Tree Seedlings’s 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.

Data from Exercise 5-11

Tree Seedlings has the following current year purchases and sales for its only product.

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Date Activities Jan. 1 Beginning inventory Jan. 3 Sales..... Purchase. Sales... Purchase Sales.... Purchase Totals Feb. 14 Feb. 15 June 30 Nov. 6 Nov. 19 Units Acquired at Cost 40 units @ $2= $ 80 70 units @ $3= $210 90 units @ $4 = $360 20 units @ $5= $100 220 units $750 Units Sold at Retail 30 units @ $8 60 units @ $8 86 units @ $8 176 units