Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1 Inventory 129 units at $4 each 4 Sale 108 un

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

Jan. 1

Inventory

129

units at $4 each

4

Sale

108

units at $8 each

11

Purchase

152

units at $6 each

13

Sale

118

units at $9 each

20

Purchase

166

units at $7 each

27

Sale

104

units at $10 each

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

(a)

Assume Chippewas 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 117 units. (Round answers to 0 decimal places, e.g. $6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 4

Jan. 11

Jan. 13

Jan. 20

Jan. 27

Jan. 31

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