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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