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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

choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31

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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