Swifty Company sells one product. Presented below is information for January for Swifty Company. Jan. 1 Inventory 103 units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 108 units at $11 each Swifty uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Swifty 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 113 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Swifty Company sells one product. Presented below is information for January for Swifty Company. Jan. 1 Inventory 103 units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 108 units at $11 each Swifty uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Swifty 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 113 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Swifty Company sells one product. Presented below is information for January for Swifty Company.
Swifty uses the FIFO cost flow assumption. All purchases and sales are on account.
| Jan. 1 | Inventory | 103 | units at $5 each | ||
| 4 | Sale | 82 | units at $8 each | ||
| 11 | Purchase | 135 | units at $7 each | ||
| 13 | Sale | 102 | units at $9 each | ||
| 20 | Purchase | 167 | units at $7 each | ||
| 27 | Sale | 108 | units at $11 each |
Swifty uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Swifty 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 113 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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