Business, 10.03.2020 08:56, tvrgrvJfbhh3881

Wifty Company sells one product. Presented below is information for January for Swifty Company.

Jan. 1 Inventory 103 units at $5 each
4 Sale 82 units at $8 each
11 Purchase 135 units at $7 each
13 Sale 102 units at $9 each
20 Purchase 167 units at $7 each
27 Sale 108 units at $11 each

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

Assume Wifty Company 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 119 units.

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Wifty Company sells one product. Presented below is information for January for Swifty Company.