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Sheffield Company sells one product. Presented below is information for January for Sheffield Company. Jan. 1 Inventory 1 1 7 units at $ 5 each
Sheffield Company sells one product. Presented below is information for January for Sheffield Company.
Jan. Inventory units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Sheffield uses the FIFO cost flow assumption. All purchases and sales are on account.
a
Assume Sheffield uses a periodic system. Prepare all necessary journal entries, including the endofmonth closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is units. If no entry is required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.
Date
Account Titles and Explanation
Debit
Credit M
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