Chippewas Company sells one product. Presented below isinformation for January for Chippewas Company.
Jan. 1 Inventory 102 units at $5 each 4 Sale 78 units at $8 each 11 Purchase 143 units at $7 each 13 Sale 110 units at $9 each 20 Purchase 168 units at $6 each 27 Sale 107 units at $10 each
Chippewas uses the FIFO cost flow assumption. All purchasesand sales are on account.
A. Assume Chippewas uses a periodic system. Prepareall necessary journal entries, including the end-of-month closingentry to record cost of goods sold. A physical count indicates thatthe ending inventory for January is 118 units.
Journal Entries:
Jan 4th: ________
_________
Jan 11th:________
_________
Jan. 13th: ________
_________
Jan. 20th:_________
__________
Jan. 27th:__________
Jan 31st: _________
__________
__________
___________
Chippewas Company sells one product. Presented below isinformation for January for Chippewas Company.
| Jan. 1 | Inventory | 102 | units at $5 each | ||
| 4 | Sale | 78 | units at $8 each | ||
| 11 | Purchase | 143 | units at $7 each | ||
| 13 | Sale | 110 | units at $9 each | ||
| 20 | Purchase | 168 | units at $6 each | ||
| 27 | Sale | 107 | units at $10 each |
Chippewas uses the FIFO cost flow assumption. All purchasesand sales are on account.
A. Assume Chippewas uses a periodic system. Prepareall necessary journal entries, including the end-of-month closingentry to record cost of goods sold. A physical count indicates thatthe ending inventory for January is 118 units.
Journal Entries:
Jan 4th: ________
_________
Jan 11th:________
_________
Jan. 13th: ________
_________
Jan. 20th:_________
__________
Jan. 27th:__________
Jan 31st: _________
__________
__________
___________
Related questions
Headland Company sells one product. Presented below is information for January for Headland Company.
| Jan. 1 | Inventory | 109 | units at $4 each | ||
| 4 | Sale | 85 | units at $8 each | ||
| 11 | Purchase | 137 | units at $7 each | ||
| 13 | Sale | 109 | units at $9 each | ||
| 20 | Purchase | 151 | units at $7 each | ||
| 27 | Sale | 93 | units at $11 each |
Headland uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Headland uses a perpetual system. Prepare all 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.)
| Date | Account Titles and Explanation | Debit | Credit |
Jan 4
Jan 11
Jan 13
Jan 20
Jan 27
Compute gross profit using the perpetual system.
Gross Profit:
