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View Policies Current Attempt in Progress Waterway Company sells one product. Presented below...

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Accounting

View Policies
Current Attempt in Progress
Waterway Company sells one product. Presented below is information for January for Waterway Company.
Waterway uses the FIFO cost flow assumption. All purchases and sales are on account.
(a)
Assume Waterway 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 116 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. List all debit entries before credit entries.)
List of Accounts
Saved work will be auto-submitted on the due date. Auto-
submission can take up to 10 minutes.
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
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