Below is the inventory detail for Ohlone bookstore: Jan 4: Purchase 5 units @ $5...
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Accounting
Below is the inventory detail for Ohlone bookstore:
Jan 4: Purchase 5 units @ $5 per unit
Jan 10: Purchase 5 unit $10 unit.
Jan 20: Sold 1 unit to a customer for $25 .
What is the Journal Entry for Jan 20 to record the Revenue for Ohlone bookstore if FIFO method is used?
Also, What is the Journal Entry for Jan 20 to record the Cost of Goods Sold for Ohlone bookstore if FIFO method is used?
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