Question - Flint Company sells one product. Presented below is information for January for Flint Company.
Jan. 1Inventory118units at $5 each4Sale93units at $8 each11Purchase165units at $6 each13Sale136units at $9 each20Purchase163units at $7 each27Sale104units at $11 each
Flint uses the FIFO cost flow assumption. All purchases and sales are on account.
(a) Assume Flint 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 113 units.