Question

Splish Company sells one product. Presented below is information for January for Splish Company.

Jan. 1		Inventory		124	units at $4 each
4		Sale		100	units at $8 each
11		Purchase		162	units at $7 each
13		Sale		134	units at $9 each
20		Purchase		151	units at $7 each
27		Sale		96	units at $11 each

Splish uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Splish uses a perpetual system. Prepare all necessary journal entries. (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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                                      Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title to record the sale	enter a debit amount	enter a credit amount
	enter an account title to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	(To record the cost of inventory)
choose a transaction date                                                                      Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title to record the sale	enter a debit amount	enter a credit amount
	enter an account title to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	(To record the cost of inventory)
choose a transaction date                                                                      Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title to record the sale	enter a debit amount	enter a credit amount
	enter an account title to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	enter an account title to record the cost of inventory	enter a debit amount	enter a credit amount
	(To record the cost of inventory)

eTextbook and Media

List of Accounts

  

  

Compute gross profit using the perpetual system.

Gross profit

$enter gross profit in dollars

show work and explain

Answer 1