(a)Assume Bonita uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to recordcost of goods sold. A physical count indicates that the ending inventory for January is 110 units. (If no entry is required, select "Noentry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitCredit Bonita Company sells one product. Presented below is information for January for Bonita Company.Jan. 1411132027Inventory 109 units at $4 each85units at $8 each137units at $7 each109units at $9 each151units at $7 each93units at $11 eachSalePurchaseSalePurchaseSaleBonita uses the FIFO cost flow assumption. All purchases and sales are on account.

FIFO Cost Flow Assumption:The cost of goods sold (COGS) and the value of ending inventory are…

Answered: Bonita Company sells one product.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

(a)
Assume Bonita 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not
indent manually. List all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit

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.

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

What are the missing accounts? Closing Inventory and Opening Inventory are not options. Neither is beginnig inventroy or ending inventory. Raw materials inventory and finished goods inventory is incorrect as well.

lan. 31
Cost of Goods Sold
Purchases
1682
II!
770
2016
436

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions