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Exercise 8-9 Nash Company sells one product. Presented below is information for January for Nash...

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Accounting

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Exercise 8-9 Nash Company sells one product. Presented below is information for January for Nash Company. Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale 117 units at $5 each 94 units at $8 each 153 units at $7 each 123 units at $9 each 154 units at $7 each Purchase Purchase 90 units at $11 each Nash uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Nash 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. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

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