Blue Company sells one product. Presented below is information for January for Blue Company.Jan. 111Jan. 44132027Jan. 4DateJan. 11Jan. 13Jan. 13Blue uses the FIFO cost flow assumption. All purchases and sales are on account.Jan. 20Assume Blue uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the accounttitles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List alldebit entries before credit entries.)Jan. 27Jan. 27VVInventory>SaleVPurchaseSalePurchaseSaleAccounts ReceivableAccount Titles and ExplanationSales Revenue(To record the sale)Cost of Goods SoldInventoryPurchases(To record the cost of inventory)Accounts PayableAccounts ReceivableSales Revenue(To record the sale)Cost of Goods SoldInventory164units at $6 each132units at $9 each169units at $6 each106 units at $10 eachPurchases122 units at $4 each101 units at $8 each(To record the cost of inventory)Accounts PayableSales RevenueAccounts Receivable(To record the sale)Cost of Goods SoldInventory(To record the cost of inventory)Debit808404984118810141060Credit808098-118101-1061

The journal entries are prepared to record the transactions on a regular basis. Using FIFO method,…

Jan. 1 Inventory 122 units at $4 each 4 Sale 101 units at $8 each 11 Purchase 164 units at $6 each 113 13 Sale 132 units at $9 each 27 222 20 Purchase 169 units at $6 each Sale 106 units at $10 each Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Blue 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. List all debit entries before credit entries.)

Jan. 1 Inventory 122 units at $4 each 4 Sale 101 units at $8 each 11 Purchase 164 units at $6 each 113 13 Sale 132 units at $9 each 27 222 20 Purchase 169 units at $6 each Sale 106 units at $10 each Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Blue 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. List all debit entries before credit entries.)

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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