Kingbird Company sells one product. Presented below is information for January for Kingbird Company.Jan. 1411132027Inventory 121 units at $4 each100 units at $8 each159 units at $6 each126units at $9 each175 units at $7 each114 units at $11 eachSalePurchaseSalePurchaseSale Assume Kingbird 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.)DateJan. 4Jan 1Jan 13.Jan 13Account Titles and ExplanationAccounts ReceivableSales Revenue(To record the sale)Cost of Goods SoldInventory(To record the cost of inventory),InventoryAccounts ReceivableSales Revenue(To record the sale)DebitCredit

Name: Kingbird Company sells one product. Presented below is information fo
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Description: Kingbird Company sells one product. Presented below is information for January for Kingbird Company.Jan. 1411132027Inventory 121 units at $4 each100 units at $8 each159 units at $6 each126units at $9 each175 units at $7 each114 units at $11 eachSale

FIFO inventory system states that the inventory purchased first would be sold first by the company.…

Answered: Kingbird Company sells one product.…

Business

Accounting

Kingbird Company sells one product. Presented below is information for January for Kingbird Company

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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