(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 eachJan. 4 Sale 80 units at $8 eachJan. 11 Purchase 150 units at $6 eachJan. 13 Sale 120 units at $8.75 eachJan. 20 Purchase 160 units at $7 eachJan. 27 Sale 100 units at $9 eachFong 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 gross profit using the periodic system.(c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.(d) Compute gross profit using the perpetual system.

(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 eachJan. 4 Sale 80 units at $8 eachJan. 11 Purchase 150 units at $6 eachJan. 13 Sale 120 units at $8.75 eachJan. 20 Purchase 160 units at $7 eachJan. 27 Sale 100 units at $9 eachFong 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 gross profit using the periodic system.(c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.(d) Compute gross profit using the perpetual system.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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