Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Jan. 1 Inventory 116 units at $4 each 4 Sale 94 units at $8 each 11 Purchase 154 units at $6 each 13 Sale 124 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 105 units at $11 each Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Assume Tamarisk 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 116 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.)
Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Jan. 1 Inventory 116 units at $4 each 4 Sale 94 units at $8 each 11 Purchase 154 units at $6 each 13 Sale 124 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 105 units at $11 each Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Assume Tamarisk 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 116 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
Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company.
Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account.
| Jan. 1 | Inventory | 116 | units at $4 each | ||
| 4 | Sale | 94 | units at $8 each | ||
| 11 | Purchase | 154 | units at $6 each | ||
| 13 | Sale | 124 | units at $9 each | ||
| 20 | Purchase | 169 | units at $6 each | ||
| 27 | Sale | 105 | units at $11 each |
Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account.
(a)
Assume Tamarisk 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 116 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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Account Titles and Explanation
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Debit
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Credit
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choose a transaction date
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title for the
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enter a debit amount
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enter a credit amount
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enter an account title for the journal entry on January 31
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enter a debit amount
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enter a credit amount
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enter an account title for the journal entry on January 31
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enter a debit amount
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enter a credit amount
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enter an account title for the journal entry on January 31
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enter a debit amount
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enter a credit amount
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List of Accounts
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