(Answered) Question - flounder company sells one product presented

Accounting

Question - Flounder Company sells one product. Presented below is information for January for Flounder 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

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

Required - Assume Flounder 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.

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