Question
Sandhill Company sells one product. Presented below is information for January for Sandhill Company. Jan. 1 Inventory 110 units at $5each 4 Sale 87 units
Sandhill Company sells one product. Presented below is information for January for Sandhill Company.
Jan. 1 Inventory 110 units at $5each
4 Sale 87 units at $8each
11 Purchase 156 units at $6each
13 Sale 126 units at $9each
20 Purchase 155 units at $6each
27 Sale 99 units at $10each
Sandhill uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Sandhill uses a perpetual system. apply necessary journal entries.(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.)
I am getting confused on how to solve for cost of goods sold and inventory for Jan. 13 and 27 if you can show to work and explanation but please help me solve for all journal entries.
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