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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. 1

Inventory

118 units at $5 each

4

Sale

93 units at $8 each

11

Purchase

165 units at $6 each

13

Sale

136 units at $9 each

20

Purchase

163 units at $7 each

27

Sale

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.

Reference no: EM131702769

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