Coronado Company sells one product. Presented below is information for January for Coronado Company. an. 1 Inventory 112 units at $5 each 4 Sale 88 units at $8 each 11 Purchase 165 units at $6 each 13 Sale 134 units at $9 each 20 Purchase 150 units at $6 each 27 Sale 93 units at $11 each Coronado uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Coronado 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.

Coronado Company sells one product. Presented below is information for January for Coronado Company. an. 1 Inventory 112 units at $5 each 4 Sale 88 units at $8 each 11 Purchase 165 units at $6 each 13 Sale 134 units at $9 each 20 Purchase 150 units at $6 each 27 Sale 93 units at $11 each Coronado uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Coronado 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.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.23MCE

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