Question

Question 5 View Policies Current Attempt in Progres Coronado Company sells one product. Presented below is information for January for Coronado Company. Jan 1 Inventory 112 units at each 4 Sale 88 units Beach 11 Purchase 165 units beach 13 Sale 11units each 20 Purchase 150 units as 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date A t Twend Explanation List of Accounts

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ANS-5 Date Jan-4 Account Title / Explanation Accounts Receivable (88x48) Amount in $ Debit Credit $704 $ 704 Sales Jan-11 $990 $990 C Being salles . made of 88 onits) purchases (165X $6] . Accounts payable (Being purchase made of 165 unitei Accounts Receivable (134 * $9) Sales CBeing sales made of 134 units) Jan-13 $1206 $ 1206 Jan-20 $900 purchases (150 x $6) Accounts payable $ 900 (Being purchases made of 150 linite

Jan-27 $1023 Accounts Receivable (93x$11} sares (Being sales made of 93 units) $ 1023 Jan-31 Loventory CNote-1) $672 $ 1778 cost of goods sold (Nete-2) purchases $1890 $560 Inventory (Beginning) (Being entry made fore end of the month) Note 28 Ending inventory of 112 units should be out of purchase made - on jan 20 of 150 units @ $6 each.(FIFD) Hence, ending inventory = 112 unit x $6 - $672 Note-2 : cost of goods seld: Begening Inventory Addi purchase on Jan-u! Add: purchase on Jan-20 Less: Ending Inventory $ 560 $ 990 $ 900 ($ 672) $1778

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