Please do not give solution in image format thanku Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.Inventory130 units at $5 each106units at $8 eachunits at $7 eachunits at $9 eachunits at $7 eachunits at $11 each.Jan. 1411132027SalePurchaseSalePurchaseSale151116163100Fong 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 closingentry 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.

FIFO (First In First Out) method of inventory valuation calculates the cost of goods sold and the…

Answered: Fong Sai-Yuk Company sells one product.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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