Fong sai-yuk company sells one product. presented below is

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.
 
 
Instructions
(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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