2024 – E8 9 Periodic versus Perpetual Entries Fong Sai Yuk Company sells one product Presented below is information for January
Fong Sai-Yuk Company sells one product. Presented – 2024
E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
|
Jan 1
|
Inventory
|
100
|
units at
|
$5.00
|
each
|
|
Jan 4
|
Sale
|
80
|
units at
|
$8.00
|
each
|
|
Jan 11
|
Purchase
|
150
|
units at
|
$6.00
|
each
|
|
Jan 13
|
Sale
|
120
|
units at
|
$8.75
|
each
|
|
Jan 20
|
Purchase
|
160
|
units at
|
$7.00
|
each
|
|
Jan 27
|
Sale
|
100
|
units at
|
$9.00
|
each
|
Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
Instructins
(a) Assume Fong Sai-Yuk 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 110 units.
(b) Compute the gross profit using the periodic system.
(c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.
(d) Compute the gross profit using the perpetual system.
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