1. Nash Company sells one product. Presented below is information for Janurary for Nash Company

Jan 1 Inventory 118 units at $5 each

Jan 4 Sales 93 units at $8 each

Jan 11 Purchase 165 units at $6 each

Jan 13 Sale 136 units at $9 each

Jan 20 Purchase 163 units at $7 each

Jan 27 Sale 104 units at $11 each

Nash uses the FIFO cost flow assumption. All purchases and sales are on account

a) Assume Nash uses a periodic system. prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventroy for Janurary is 113 units

2. Cheyenne Company uses a periodic inventory. For April, when the company sold 650 units, the following information is available

Units Unit Cost Total Cost

April 1 inventory 310 $20 $6200

April 15 inventory 390 $24 9360

April 23 purchase 300 $26 7800

Compute the April 30 inventory and the April cost of goods sold using the FIFO method

Ending Inventory $_______

Cost of Goods Sold $_________