Concord Company sells one product. Presented below is information for January for Concord Company Jan. 1 Inventory 4 Sale 11 Purchase 105 units at $4 each 83 units at $8 each 162 units at $ each 132 units at $9 each 160 units at $7 each 97 units at $10 each 13 Sale 20 Purchase 27 Sale Concord uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Concord uses a periodic system. Prepare all necessaryjournal 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 115 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit > (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system Gross profit $

Answer rating: 100% (QA)

The Answer is in the image, click to view ... View the full answer