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

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Accounting

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Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering 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 114 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. List all debit entries before credit entries.) Inventory

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