Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bramble Company sells one product. Presented below is information for January for Bramble Company.
Jan. 1 | Inventory | 114 | units at $5 each | ||
4 | Sale | 89 | units at $8 each | ||
11 | Purchase | 156 | units at $7 each | ||
13 | Sale | 126 | units at $9 each | ||
20 | Purchase | 158 | units at $7 each | ||
27 | Sale | 103 | units at $11 each |
Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

Transcribed Image Text:Compute gross profit using the perpetual system.
Gross profit
%24

Transcribed Image Text:Assume Bramble uses a perpetual system. Prepare all necessary journal entries. (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.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 4
Accounts Receivable
712
Sales Revenue
712
(To record the sale)
Cost of Goods Sold
445
Inventory
445
(To record the cost of inventory)
Jan. 11
Inventory
1092
Accounts Payable
1092
Jan. 13
Accounts Receivable
1134
Sales Revenue
1134
(To record the sale)
>
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