Question
Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1 Inventory 102 units at $5 each 4 Sale 78
Chippewas Company sells one product. Presented below is information for January for Chippewas Company.
Jan. 1 | Inventory | 102 | units at $5 each | ||
4 | Sale | 78 | units at $8 each | ||
11 | Purchase | 143 | units at $7 each | ||
13 | Sale | 110 | units at $9 each | ||
20 | Purchase | 168 | units at $6 each | ||
27 | Sale | 107 | units at $10 each |
Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.
A. Assume Chippewas 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 inventory for January is 118 units.
Journal Entries:
Jan 4th: ________
_________
Jan 11th:________
_________
Jan. 13th: ________
_________
Jan. 20th:_________
__________
Jan. 27th:__________
Jan 31st: _________
__________
__________
___________
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