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Question - Flint Company sells one product. Presented below is information for January for Flint Company.
Jan. 1
Inventory
118 units at $5 each
4
Sale
93 units at $8 each
11
Purchase
165 units at $6 each
13
136 units at $9 each
20
163 units at $7 each
27
104 units at $11 each
Flint uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Flint 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 113 units.
Deliverable Length: 300-600 wordsThis week's discussion focuses on the financial health of your company. This will help you prepare for the Comp-XM exam.
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