a. Assume the company uses a periodic system. Prepare all required journal entries, including the month-end closing journal for recording cost of goods sold! Physical accounting indicates the ending balance of the inventory for January of 110 units. b. Calculate gross profit using the periodic system!
PT Maju Jaya sells one product. The following information is available for January.
January 1, Inventory 100 units at a price of Rp 12,000 / unit
January 4, Sales of 80 units at a price of Rp 16,000 / unit
January 11, Purchased 150 units at a price of Rp 13,000 / unit
January 13, Sales of 120 units at a price of Rp 17,500 / unit
January 20, Purchased 160 units at a price of Rp 14,000 / unit
January 27, Sales of 100 units at a price of Rp 18,000 / unit
The company uses the FIFO cost flow assumption. All purchases and sales are made on credit.
Requested:
a. Assume the company uses a periodic system. Prepare all required
b. Calculate gross profit using the periodic system!
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