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Home / Questions / E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is

E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is

E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.Jan 1Inventory100units at$5.00 eachJan 4Sale80units at$8.00 eachJan 11Purchase150units at$6.00 eachJan 13Sale120units at$8.75 eachJan 20Purchase160units at$7.00 eachJan 27Sale100units at$9.00 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 the gross profit using the periodic system.(c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.(d) Compute the gross profit using the perpetual system.

 

Apr 20 2020 View more View Less

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