Whispering Company sells one product. Presented below is information for January for Whispering Company.- **Jan. 1** Inventory: 111 units at $5 each- **4** Sale: 90 units at $8 each- **11** Purchase: 159 units at $6 each- **13** Sale: 130 units at $9 each- **20** Purchase: 149 units at $7 each- **27** Sale: 85 units at $11 eachWhispering uses the FIFO cost flow assumption. All purchases and sales are on account.---**Instructions for Journal Entries** Assume Whispering uses a perpetual system. Prepare all necessary journal entries. *(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 the amount is entered. Do not indent manually. List all debit entries before credit entries.)*| Date | Account Titles and Explanation | Debit | Credit ||------|---------------------------------|-------|--------|| | | | || | *(To record the sale)* | | || | | | || | *(To record the cost of inventory)* | | || | | | || | *(To record the sale)* | | |

Name: Whispering Company sells one product. Presented below is information
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Description: Whispering Company sells one product. Presented below is information for January for Whispering Company.- **Jan. 1** Inventory: 111 units at $5 each- **4** Sale: 90 units at $8 each- **11** Purchase: 159 units at $6 each- **13** Sale: 13

The journal entries are prepared to record the transactions on a regular basis. The cost of goods…

Business

Accounting

Whispering Company sells one product. Presented below is information for January for Whispering Company. Jan. 1 Inventory 111 90 Purchase 159 Sale 130 Purchase 149 11 13 20 27 Sale Sale units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each 85 units at $11 each Whispering uses the FIFO cost flow assumption. All purchases and sales are on account.

Whispering Company sells one product. Presented below is information for January for Whispering Company. Jan. 1 Inventory 111 90 Purchase 159 Sale 130 Purchase 149 11 13 20 27 Sale Sale units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each 85 units at $11 each Whispering uses the FIFO cost flow assumption. All purchases and sales are on account.

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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