Grouper Company sells one product. Presented below is information for Jansary fo

Question

Grouper Company sells one product. Presented below is information for Jansary for Grouper Company lan. 1 Eventory 112 units at $5 each 4 Sale 88 units at 58 cach 11 13 Sale 20 Purchase 150 units at s6 ea 27 Sale 165 units at $6 each 134 units at $9 each Purchase 93 units at $11 each Grouper uses the FIFO cost fow assumption. All purchases and sales are on Your answer is partially correct. Try again Assume Groupsur uses a periodic system. l is 112 wRs. (" no entry js required, selit "No entry" for the ac.ount titles and mler O hr the amunts oeda anni Prepare all necessary journal entries, inchuding the ind-of month dosing entry to record cost of goods sold. A physical count indicates that the ending inventory for leruary m-am-n nati a maninaily Date Account Titles and Explanation Reveniue an, 13Purchaser

Explanation / Answer

SOLUTION

Date Accounts titles and Explanation Debit ($) Credit ($) Jan.4 Accounts Receivable (88 * $8) 704 Sales 704 Jan.11 Purchases (165 * $6) 990 Accounts Payable 990 Jan.13 Accounts Receivable (134*$9) 1,206 Sales 1,206 Jan.20 Purchases (150 *$6) 900   Accounts Payable 900 Jan.27 Accounts Receivable (93*$11) 1,023 Sales 1,023 Jan.31 Inventory (112*$6) 672 Cost of Goods Sold (1,890+560-672) 1,778 Purchases ($990+$900) 1,890 Inventory (112*$5) 560

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