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Home / Questions / Exercise 8-9 Fong Sai-Yuk Company sells one product Presented below is information for Ja...

Exercise 8-9 Fong Sai-Yuk Company sells one product Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 107 units at $5 each

Exercise 8-9

Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
Jan. 1   Inventory   107 units at $5 each
4   Sale   84 units at $8 each
11   Purchase   143 units at $7 each
13   Sale   113 units at $9 each
20   Purchase   165 units at $6 each
27   Sale   102 units at $11 each

Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
 
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 116 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 4

 

Jan. 11

 

Jan. 13

 

Jan. 20

 

Jan. 27

 

Jan. 31

 

 

 

 

Show List of Accounts

Link to Text

Link to Text

Compute gross profit using the periodic system. (Round answer to 0 decimal places, e.g. 6,578.)
Gross profit  

$

 

Show List of Accounts

Link to Text

Link to Text

Assume Fong Sai-Yuk 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. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 4

 

 

(To record the sale)

   
 

 

 

(To record the cost of inventory)

   

Jan. 11

 

Jan. 13

 

 

(To record the sale)

   
 

 

 

(To record the cost of inventory)

   

Jan. 20

 

Jan. 27

 

 

(To record the sale)

   
 

 

 

(To record the cost of inventory)

Jun 23 2020 View more View Less

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