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Prepare all necessary journal entries

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Problem - 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

Sale

128 units at $9 each

Jan. 20

Purchase

173 units at $7 each

Jan. 27

Sale

116 units at $11 each

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

Required - 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.

Reference no: EM132448597

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