# 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.

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