Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units...
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Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Beginning January 1 240 units @ $2=$ 480 inventory January 3 Sales 142 units @ $ 8 February Purchase 14 390 units @ $3=1,170 $ February Sales 260 units @ $ 8 15 June 30 Purchase 290 units @ $4=1,160 $ November 6 Sales November 236 units @ $ 8 Purchase 19 100 units @ $5=$ 500 $ Totals 1,020 units 638 units 3,310 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. Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Beginning January 1 240 units @ $2=$ 480 inventory January 3 Sales 142 units @ $ 8 February Purchase 14 390 units @ $3=1,170 $ February Sales 260 units @ $ 8 15 June 30 Purchase 290 units @ $4=1,160 $ November 6 Sales November 236 units @ $ 8 Purchase 19 100 units @ $5=$ 500 $ Totals 1,020 units 638 units 3,310 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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