(Answered) Exercise 1- part level submissionpharoah company sells one

Accounting

Exercise 1- Part Level Submission

Pharoah Company sells one product. Presented below is information for January for Pharoah Company

Jan. 1	Inventory	121	units at $4 each
4	Sale	100	units at $8 each
11	Purchase	159	units at $6 each
13	Sale	126	units at $9 each
20	Purchase	175	units at $7 each
27	Sale	114	units at $11 each

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

Assume Pharoah 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 115 units

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