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question skysong company sells one product presented below is information for januar 4276739

Question

Skysong Company sells one product. Presented below is information for January for Skysong Company.

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

Assume Skysong uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

(To record the sale)

(To record the cost of inventory)

(To record the sale)

(To record the cost of inventory)

(To record the sale)

Jan. 1

 

Inventory

 

108

units at $5 each

4

 

Sale

 

87

units at $8 each

11

 

Purchase

 

150

units at $7 each

13

 

Sale

 

123

units at $9 each

20

 

Purchase

 

168

units at $7 each

27

 

Sale

 

106

units at $11 each

 

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