Compute gross profit using the periodic system

Assignment Help Financial Accounting

Reference no: EM1314674

Pass Journal entries under perpetual, periodic inventory System.

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
	13 Sale	120 units at $8.75 each
	20 Purchase	160 units at $7 each
	27 Sale	100 units at $9 each

Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.

Instructions
a) Assume Fong Sai-Yuk uses periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to rocord cost of goods sold. A physical count indicates that the ending inventory for January is 110 units.
b) Compute gross profit using the periodic system.
c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.
d) Compute gross profit using the perpetual system.

Reference no: EM1314674

Questions Cloud

Solve the given algebraic expression using foil method : Solve the given algebraic expression using foil method.

How far has tuning fork fallen : A ship sets out to sail to the point 158 km due north. An unexpected storm blows the ship to a point 134 km due east of its starting point. (a) How far (in km) and (b) in what direction (as an angle from due east, where north of east is a positive an..

Financial accounting standards board statement : Multiple Choice Questions-Amortization and valuation of intangibles - How should research and development costs be accounted for, according to a Financial Accounting Standards Board Statement?

The coefficient of friction between disk and surface is µ : The kinetic friction force between surface and disk slows down its linear motion while at the same time making the disk spin on its axis at an accelerating rate. Finally, the disk's rotation catches up with its linear motion, and disk begins to roll ..

Compute gross profit using the periodic system : Compute gross profit using the periodic system and Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.

Suppose the fan coasts to a stop 30s after being turned off : The front 1.20 m of a 1600 kg car is designed as a "crumple zone" that collapses to absorb the shock of a collision.

Determine equilibrium income for economy : List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.

Transportation problem to minimize the total cost : Modify above problem (Problem 8th) so that each hardware vendor now demands seventy-five (75) units. Any units available from the vendors that are not shipped cost nothing.)

Simplify the algebraic expression using foil method : Simplify the algebraic expression using foil method.

User Account

All Pages