Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Inventory 130 units at $5 each 106 units at $8 each units at $7 each units at $9 each units at $7 each units at $11 each Jan. 1 4 11 13 20 27 Sale Purchase Sale Purchase Sale 151 116 163 100 Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 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 122 units. b.) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. c.) Compute gross profit using the perpetual system.
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Inventory 130 units at $5 each 106 units at $8 each units at $7 each units at $9 each units at $7 each units at $11 each Jan. 1 4 11 13 20 27 Sale Purchase Sale Purchase Sale 151 116 163 100 Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 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 122 units. b.) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. c.) Compute gross profit using the perpetual system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
Inventory
130 units at $5 each
106
units at $8 each
units at $7 each
units at $9 each
units at $7 each
units at $11 each.
Jan. 1
4
11
13
20
27
Sale
Purchase
Sale
Purchase
Sale
151
116
163
100
Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
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 122 units.
b.) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.
c.) Compute gross profit using the perpetual system.
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