Discuss buffalo company sells one product

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Buffalo Company sells one product. Presented below is information for January for Buffalo Company.

Jan. 1 Inventory 125 units at $4 each
4 Sale 104 units at $8 each
11 Purchase 158 units at $6 each
13 Sale 130 units at $9 each
20 Purchase 149 units at $6 each
27 Sale 87 units at $11 each

Buffalo uses the FIFO cost flow assumption. All purchases and sales are on account.

(a) Assume Buffalo 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 111 units.

Reference no: EM131791949

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