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Make all necessary journal entries

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Question - Blossom Company sells one product. Presented below is information for January for Blossom Company.

Jan. 1 Inventory 123 units at $5 each

Jan. 4 Sale 98 units at $8 each

Jan. 11 Purchase 136 units at $6 each

Jan. 13 Sale 103 units at $9 each

Jan. 20 Purchase 169 units at $7 each

Jan. 27 Sale 108 units at $11 each

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

Assume Blossom uses a periodic system. Make 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 119 units.

Reference no: EM132621878

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