Question

Coronado Company sells one product. Presented below is information for January for Coronado Company. an Inventory 112 unitats each unitats each 11 Purchase 165 units tech 13 Sol i teach 20 Purchase 150 units each 27 Sale 93 units at $11 each Coronado uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Coronado 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 112 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.) Dale Art Titles and plasti List of Accounts Compute gross profit using the periodic system Gross profits List of Accounts

please answer the all parts

Answer 1

Date	Accounts title	Dr	cR
4-Jan	Accounts Receivable (88*8)	$704
	Sales		$704
	(being sales made on account)
11-Jan	Purchases	990
	Accounts payable (165*6)		990
	(being purchases made on account)
13-Jan	Accounts Receivable (134*9)	$1,206
	Sales		$1,206
	(being sales made on account)
20-Jan	Purchases	900
	Accounts payable (150*6)		900
	(being purchases made on account)
27-Jan	Accounts Receivable (93*11)	$1,023
	Sales		$1,023
	(being sales made on account)
31-Jan	Inventory (Ending) (112*6)	672
	Cost of Good sold (bal fig)	1778
	Purchases		1890
	Inventory (Beginning)		560
	Gross profit
	Sales	$2,933
	Less: COGS	1778
	Gross profit	$1,155
Perpetual
Date	Accounts title	Dr	cR
4-Jan	Accounts Receivable (88*8)	$704
	Sales		$704
	(being sales made on account)
	Cost of Good sold	440
	Inventory (88*5)		440
11-Jan	Inventory	990
	Accounts payable (165*6)		990
	(being purchases made on account)
13-Jan	Accounts Receivable (134*9)	$1,206
	Sales		$1,206
	(being sales made on account)
	Cost of Good sold	780
	Inventory ((112-88)*5)+(110*6)		780
	(being cost of inventroy recorded)
20-Jan	Inventory	900
	Accounts payable (150*6)		900
	(being purchases made on account)
27-Jan	Accounts Receivable (93*11)	$1,023
	Sales		$1,023
	(being sales made on account)
	Cost of Good sold	558
	Inventory (24*6)+(69*6)		558
	Gross profit
	Sales	$2,933
	Less: COGS (558+780+440)	1778
	Gross profit	$1,155
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