Question

Plese help with the part not filled out. PART C

Exercise 8-9 (Part Level Submission) Cheyenne Company sells one product. Presented below is information for January for Cheyenne Company Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale 118 units at $5 each 93 units at $8 each 165 units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each Purchase Purchase Cheyenne uses the FIFO cost flow assumption. All purchases and sales are on account. (a Your answer is correct. Assume Cheyenne 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. (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.)

Answer 1

Date Accounts Title & Explanation Debit Credit Jan-04 Accounts Receivable 744 Sales (93*$8) 744 Cost of Goods Sold 465 Inventory (93 $5 Accounts Payable (165 $6 Sales (136* $9) 465 Jan-11 Inventory 990 990 Jan-13 Accounts receivable 1224 1224 Cost of Goods Sold 791 Inventory (25*$5)+111 $6 791 Jan-20 Purchases 1141 Accounts Payable (163* 1141 Jan-27 Accounts Receivable 1144 Sales (104* $11) 1144 Cost of Goods Sold 674 Inventory (54*$6)+(50*$ 674 Jan-31 Inventory (113* $7) Cost of Goods sold 791 1930 Purchases (1141+990) Inventory 2131 590