cogs

Concord Corporation sells one product, with information for July as follows: July 1 Inventory 4 Sale 11 Purchase 13 Sale 100 units at $15.00 each 80 units at $20.00 each 150 units at $16.20 each 120 units at $18.60 each 160 units at $16.10 each 100 units at $19.70 each 20 Purchase 27 Sale Concord uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales (d) Assume Concord uses a perpetual system. Prepare all July journal entries. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 4 Accounts Receivable 1600 184 Sales Revenge (To record sales on account) July 4 V Cost of Goods Sold 1200 126 Inventory ... (To record cost of goods sold) 2430 July 11 Inventory 24 Accounts Payable 2232 July 13 Accounts Receivable 222 Sales Revenue (To record sales on account) July 13 Cost of Goods Sold Inventory (To record cost of goods sold) 2576 20