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3) Neophyte Co. sells one product. A record of transactions for the month of May was as follows: May 1 Inventory 400 e $4.10 3 Sale 300 e 57.25 Purchase 800 e $4.40 14 Sale 700 e 7.50 22 Purchase 1.200 e s4.75 29 Sale 1,000 e 8.25 Neophyte uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Neophyte uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. Calculate gross profit.

3) Neophyte Co. sells one product. A record of transactions for the month of May was as follows: May 1 Inventory 400 e $4.10 3 Sale 300 e 57.25 Purchase 800 e $4.40 14 Sale 700 e 7.50 22 Purchase 1.200 e s4.75 29 Sale 1,000 e 8.25 Neophyte uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Neophyte uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. Calculate gross profit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3) Neophyte Co. sells one product. A record of transactions for the month of May was as follows: May Inventory 400 @ $4.10 3 Sale 300 @ $7.25 8 Purchase 800 @ $4.40 14 Sale 700 @ 7.50 22 Purchase 1,200 @ $4.75 29 Sale 1,000 @ 8.25 Neophyte uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Neophyte uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. Calculate gross profit.
Transcribed Image Text:3) Neophyte Co. sells one product. A record of transactions for the month of May was as follows: May Inventory 400 @ $4.10 3 Sale 300 @ $7.25 8 Purchase 800 @ $4.40 14 Sale 700 @ 7.50 22 Purchase 1,200 @ $4.75 29 Sale 1,000 @ 8.25 Neophyte uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Neophyte uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. Calculate gross profit.
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