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Chippewas Company sells one product. Presented below is information for January for the Chippewas Company. Jan. 1 Inventory 100 units at $6 each
Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account. (a) 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. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Date Description/Account Debit Credit Jan. 4 Jan. 11 Jan. 13 Jan. 20 Jan. 27 Jan. 31
(b) Compute gross profit using the periodic system. $ (c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. Date Description/Account Debit Credit Jan. 4 Inventory Jan. 11 Jan. 13 Accounts receivable Jan. 20 Jan. 27 Accounts receivable (d) Compute gross profit using the perpetual system.
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