Solution-Prepare all necessary journal entries

Prepare all necessary journal entries

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Reference no: EM132254678

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	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.

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: EM132254678

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Prepare all necessary journal entries

Reference no: EM132254678

Reference no: EM132254678

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