Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
accounting teacher (Not rated)
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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 1 | Inventory | 100 | units at | $5.00 | each |
Jan 4 | Sale | 80 | units at | $8.00 | each |
Jan 11 | Purchase | 150 | units at | $6.00 | each |
Jan 13 | Sale | 120 | units at | $8.75 | each |
Jan 20 | Purchase | 160 | units at | $7.00 | each |
Jan 27 | Sale | 100 | units at | $9.00 | 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 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.
10 years ago
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
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e8-9_fong_sai-yuk.xls
