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Marigold Company sells one product. Presented below is information for January for Marigold Company.
Jan. 1 Inventory 104 units at $5 each
4 Sale 79 units at $8 each
11 Purchase 145 units at $6 each
13 Sale 115 units at $9 each
20 Purchase 162 units at $6 each
27 Sale 107 units at $10 each
Marigold uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Marigold 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 110 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)
Answers: 1
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Marigold Company sells one product. Presented below is information for January for Marigold Company....
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