Veronica Company sells one product. Presented below is information for January for Veronica Company. ...
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Accounting
Veronica Company sells one product. Presented below is information for January for Veronica Company.
Jan. 1 Inventory 115 units at $5 each
Jan 4. Sale 91 units at $8 each
Jan. 11. Purchase 156 units at $7 each
Jan 13. Sale 128 units at $9 each
Jan 20. Purchase 155 units at $7 each
Jan 27. Sale 95 units at $10 each
Veronica uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Veronica 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 112 units. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts).
Date
Account Titles and Explanation
Debit
Credit
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fill in
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*Please clearly explain and show your work. Please complete entire journal entry. Thank you
Answer & Explanation
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