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Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1Inventory 100 units at $6 each 4Sale 80 units at $8 each 11Purchase 150 units at $6.50 each 13Sale 120 units at $8.75 each 20Purchase
Chippewas Company sells one product. Presented below is information for January for Chippewas Company.
Jan. 1Inventory | 100 units at $6 each |
4Sale | 80 units at $8 each |
11Purchase | 150 units at $6.50 each |
13Sale | 120 units at $8.75 each |
20Purchase | 160 units at $7 each |
27Sale | 100 units at $9 each |
Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.
Instructions:
- Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry, to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units.
- Compute gross profit using the periodic system.
- Assume Chippewas uses a perpetual system, Prepare all necessary journal entries.
- Compute gross profit using the perpetual system.
- Expert Answer
a Assume Chippewas uses a periodic system Prepare al View the full answer
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Posted Date: November 21, 2021 10:08:33