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