SC ASSIGNMENT PARTI TAMIU company sells one product. Presented below are the tra

Question

SC ASSIGNMENT PARTI TAMIU company sells one product. Presented below are the transaction of the month: Dates Mar Inventory Sale 100 units at $5 each 80 units at $8 each 150 units at $6 each 11 Purchase 13 Sale 20 Purchase 27 Sale 120 units at $8.75 each 160 units at $7 each 100 units at $9 each TAMIU uses the FIFO cost flow assumption. All purchases and sales are on account. TAMIU 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 110 units. (a) Date Accounts Debit Credit

Explanation / Answer

The journal entries will be prepared as follows:

Working notes:

Cost of goods sold has been computed as follows:

Date Account Titles and Explanation Debit Credit Mar. 1 No entry Mar. 4 Accounts receivable (80 x $8) 640       Sales revenue 640 Mar. 11 Purchases (150 x $6) 900       Accounts Payable 900 Mar. 13 Accounts receivable (120 x $8.75) 1050       Sales revenue 1050 Mar. 20 Purchases (160 x $7) 1120       Accounts Payable 1120 Mar. 27 Accounts receivable (100 x $9) 900       Sales revenue 900 Mar. 31 Cost of goods sold 1750       Merchandise inventory 1750

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.