1 answer

Exercise 8-9 Indigo Company sells one product. Presented below is information for January for Indigo Company. Jan. 1 Inv...

Question:

Exercise 8-9 Indigo Company sells one product. Presented below is information for January for Indigo Company. Jan. 1 Inventory 101 units at $4 each 4 Sale 80 units at $8 each 11 Purchase 144 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 156 units at $7 each 27 Sale 100 units at $11 each Indigo uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Indigo 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.


Answers

Date Particulars Debit Credit
Jan-04 Accounts Receivale A/c                          Dr.                    640
              To Sales A/c               640
Jan-11 Purchases A/c                                          Dr.                    864
              To Accounts payable A/c               864
Jan-13 Accounts Receivale A/c                          Dr.                    999
              To Sales A/c               999
Jan-20 Purchases A/c                                          Dr.                1,092
              To Accounts payable A/c           1,092
Jan-27 Accounts Receivale A/c                          Dr.                1,100
              To Sales A/c           1,100
Value of Closing Inventory = 110 Units @ 7 = $770.
.

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