Marigold Company sells one product. Presented below is information for January for Marigold Company. Inventory 104 units at $5 each Sale 79 units at $8 each 145 units at $6 each 115 units at $9 each 162 units at $6 each 107 units at 10 each Jan. 1 4 11 (a) 13 Sale 20 Purchase 27 Purchase Sale Marigold uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Marigold 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)
Marigold Company sells one product. Presented below is information for January for Marigold Company. Inventory 104 units at $5 each Sale 79 units at $8 each 145 units at $6 each 115 units at $9 each 162 units at $6 each 107 units at 10 each Jan. 1 4 11 (a) 13 Sale 20 Purchase 27 Purchase Sale Marigold uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Marigold 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Marigold Company sells one product. Presented below is information for January for Marigold Company.
Jan. 1
4
11
(a)
13
20
27
Inventory 104
units at $5 each
79
units at $8 each
145
units at $6 each
115
units at $9 each.
162 units at $6 each
107 units at 10 each.
Sale
Purchase
Sale
Purchase i
Sale
Marigold uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Marigold 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
Jan, 1
Jan 4
Jan. 11
Account Titles and Explanation
Debit
Credit
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