Assume Bonita uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indentmanually. List all debit entries before credit entries.) Bonita Company sells one product. Presented below is information for January for Bonita Company.Jan. 1411132027Inventory 109units at $4 each85units at $8 each137units at $7 each109units at $9 each151 units at $7 each93units at $11 eachSalePurchaseSalePurchaseSaleBonita uses the FIFO cost flow assumption. All purchases and sales are on account.

The cost flow assumption is based on the idea that inventory costs increase over time owing to…

Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.

Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.

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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Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
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Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 100 units at $5 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $7 each 27 Sale 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. (a Assume Fong Sai-Yuk 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. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)