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I need help with this question please see attached Flint Company sells one product. Presented below is information for January for Flint Company. Jan. 1
I need help with this question please see attached
Flint Company sells one product. Presented below is information for January for Flint Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 118 93 165 136 163 104 units units units units units units at at at at at at $5 each $8 each $6 each $9 each $7 each $11 each Flint uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. Try again. Assume Flint uses a periodic system. Prepare all necessary journal entries, including the end-ofmonth closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Step by Step Solution
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