Oriole Company sells one product. Presented below is information for January for Oriole Company.
Jan. Inventory units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Purchase units at $ each
Sale units at $ each
Oriole uses the FIFO cost flow assumption. All purchases and sales are on account.
a
Assume Oriole uses a periodic system. Prepare all necessary journal entries, including the endofmonth closing entry to record
cost of goods sold. A physical count indicates that the ending inventory for January is 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. List all debit entries before credit entries.
Date Account Titles and Explanation
Debit
Credit
