Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113 units at $4 each 4 Sale 92 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 112 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland 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 111 units Compute gross profit using the periodic system. Assume Sunland uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Compute gross profit using the perpetual system.
Sunland Company sells one product. Presented below is information for January for Sunland Company.
Jan. 1 | Inventory | 113 | units at $4 each | ||
4 | Sale | 92 | units at $8 each | ||
11 | Purchase | 141 | units at $6 each | ||
13 | Sale | 112 | units at $9 each | ||
20 | Purchase | 154 | units at $7 each | ||
27 | Sale | 93 | units at $11 each |
Sunland uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Sunland uses a periodic system. Prepare all necessary
Compute gross profit using the periodic system.
Assume Sunland uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Compute gross profit using the perpetual system.
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