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Where the red boxes are, what is the answer for Cost of Goods Sold & closing Inventory? Metlock Company sells one product. Presented below is
Where the red boxes are, what is the answer for Cost of Goods Sold & closing Inventory?
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 110 units at $5 each 4 Sale 87 units at $8 each 11 Purchase 156 units at $6 each 13 Sale 126 units at $9 each 20 Purchase 155 units at $6 each 27 Sale 99 units at $10 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Metlock 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 Account Titles and Explanation Debit Credit an. 4 Accounts Receivable 696 Sales Revenue 696 (To record the sale) Cost of Goods Sold 435 Inventory 435 (To record the cost of inventory) an. 11 Inventory 936 Accounts Payable 936 an. 13 v Accounts Receivable 1134 Sales Revenue 1134 Sales Revenue 1134 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) an. 20 Inventory 930 Accounts Payable 930 an. 27 Accounts Receivable 990 Sales Revenue 990 (To record the sale) Cost of Goods Sold 594 Inventory 594 (To record the cost of inventory)Step by Step Solution
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