Problem .4 Chippewas Company sells one product. Presented below isinformation for January for Chippewas Company. + Jan. 1 Inventory 100 units at $6 each + 4 Sale 80 units at $8 each + 11 Purchase 150 units at $6.50 each + 13 Sale 120 units at $8.75 each + 20 Purchase 160 units at $7 each +27 Sale 100 units at $9 each Instructions: Chippewas uses the FIF0 cost flow assumption. All purchases and sales are on account. a. Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including theend-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. Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. с. d. Compute gross profit using the perpetual system.

Problem .4 Chippewas Company sells one product. Presented below isinformation for January for Chippewas Company. + Jan. 1 Inventory 100 units at $6 each + 4 Sale 80 units at $8 each + 11 Purchase 150 units at $6.50 each + 13 Sale 120 units at $8.75 each + 20 Purchase 160 units at $7 each +27 Sale 100 units at $9 each Instructions: Chippewas uses the FIF0 cost flow assumption. All purchases and sales are on account. a. Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including theend-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. Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. с. d. Compute gross profit using the perpetual system.

Name: d. Compute gross profit using the perpetual system.Problem .4 Chippew
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Description: d. Compute gross profit using the perpetual system.Problem .4 Chippewas Company sells one product. Presented below isinformation for January forChippewas Company.+ Jan. 1 Inventory 100 units at $6 each+ 4 Sale 80 units at $8 each+ 11 Purchase 150 un

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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3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
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