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Question - Solange Corp. sells one product, and uses the FIFO cost formula with information for December as follows:

Dec. 1 Inventory 100 units @ $5 each

Dec. 4 Sale 80 units @ $8 each

Dec. 11 Purchase 150 units @ $6.50 each

Dec. 13 Sale 120 units @ $8.75

Dec. 20 Purchase 160 units @ $7 each

Dec. 27 Sale 100 units @ $10 each

Required -

a) Assume Solange uses a periodic system. Prepare all necessary journal entries, including the end of month adjusting entry to record cost of goods sold. A physical count revels 110 units in ending inventory for Dec.

b) Calculate gross profit.

Reference no: EM132571521

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