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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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