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Question - Culver Company sells one product. Presented below is information for January for Culver Company.
Jan. 1
Inventory
106 units at $5 each
Jan. 4
Sale
85 units at $8 each
Jan. 11
Purchase
155 units at $7 each
Jan. 13
128 units at $9 each
Jan. 20
173 units at $7 each
Jan. 27
116 units at $11 each
Culver uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Culver 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 105 units.
Sales Returns and allowances 14,600. Required: Compute net sales for the year ended September 30, 2015
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