Question
Nash Company sells one product. Presented below is information for January for Nash Company. Jan. 1 Inventory 118 units at $5 each 4 Sale 93
Nash Company sells one product. Presented below is information for January for Nash Company.
| Jan. 1 | Inventory | 118 | units at $5 each | ||
| 4 | Sale | 93 | units at $8 each | ||
| 11 | Purchase | 165 | units at $6 each | ||
| 13 | Sale | 136 | units at $9 each | ||
| 20 | Purchase | 163 | units at $7 each | ||
| 27 | Sale | 104 | units at $11 each |
Nash uses the FIFO cost flow assumption. All purchases and sales are on account.
a) Assume Nash uses a perpetual system. Prepare all the journal entries.
b)Compute the gross profit using the perpetual system
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Data Analytics Using Excel Microsoft 365 With Accounting And Finance Datasets Version 3.0
Authors: Joseph Manzo
1st Edition
145333758X, 9781453337585
