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Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Jan. 1 Inventory 116 units at $4 each Sale 94 units
Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Jan. 1 Inventory 116 units at $4 each Sale 94 units at $8 each 11 Purchase 154 units at $6 each 13 Sale 124 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 105 units at $11 each Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Tamarisk uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 4 Jan. 11 Jan. 13 Account Titles and Explanation (To record the sale) (To record the cost of inventory) Debit Credit Jan. 20 Jan. 27 (To record the cost of inventory) (To record the sale) (To record the cost of inventory)
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