Question
Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 Inventory 121 units at $4 each 4 Sale 100
Kingbird Company sells one product. Presented below is information for January for Kingbird Company.
Jan. 1 | Inventory | 121 | units at $4 each | ||
4 | Sale | 100 | units at $8 each | ||
11 | Purchase | 159 | units at $6 each | ||
13 | Sale | 126 | units at $9 each | ||
20 | Purchase | 175 | units at $7 each | ||
27 | Sale | 114 | units at $11 each |
Kingbird uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Kingbird 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 115 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.)
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
| enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | ||
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount | ||
enter an account title for the journal entry on January 31 | enter a debit amount | enter a credit amount |
Compute gross profit using the periodic system.
Gross profit | $enter Gross profit in dollars |
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