Question 1 Bonita Company sells one product. Presented below is information for January for Bonita...
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Accounting
Question 1 Bonita Company sells one product. Presented below is information for January for Bonita Company.
Jan. 1: Inventory 111 units at $5 each
Jan 4 :Sale 90 units at $8 each
Jan 11: Purchase 159 units at $6 each
Jan 13: Sale 130 units at $9 each
Jan 20: Purchase 149 units at $7 each
Jan 27: Sale 85 units at $11 each
Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Bonita uses a perpetual 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 114 units.
please also provide gross profit:
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