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Prepare all necessary journal entries

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

Jan. 1Inventory118units at $5 each4Sale93units at $8 each11Purchase165units at $6 each13Sale136units at $9 each20Purchase163units at $7 each27Sale104units at $11 each

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

(a) 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.

Reference no: EM131703607

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