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

Jan. 1		Inventory		102	units at $5 each
4		Sale		81	units at $8 each
11		Purchase		158	units at $6 each
13		Sale		126	units at $9 each
20		Purchase		152	units at $6 each
27		Sale		98	units at $10 each

Nash uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Nash 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 107 units. (If no entry is required,

Question 6 View Policies Current Attempt in Progress Nash Company sells one product. Presented below is information for January for Nash Company Jan 1 Inventory 102 units at $5 cach 4 Sale 81 units at $ each 11 Purchase 158 units at $6 each 13 Sale 126 units at $9 each 20 Purchase 152 units at $6 each 27 Sale 98 units at $10 each Nash uses the FIFO cost flow assumption. All purchases and sales are on account Assume Nash 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 107 units. If no entry is required, select "No entry for the account titles and enter for the amounts! Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit ! Textbook and Media Compute gross profit using the periodic system Gross profits Assume Nash uses a perpetual system. Prepare all necessary journal entries. (if no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) V (To record the sa sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) e Textbook and Media Compute gross profit using the perpetual system. Gross profits Youthook and Me

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