An icon reading text, “Excel” (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented...

An icon reading text, “Excel” (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 each
	4	Sale	80 units at $8 each
	11	Purchase	150 units at $6 each

Fong 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 170 units.

b. Compute gross profit using the periodic system.

c. Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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