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Compute gross profit using the perpetual system

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Question - Vaughn Company sells one product. Presented below is information for January for Vaughn Company.

Jan. 1 Inventory 115 units at $5 each

Jan. 4 Sale 91units at $8 each

Jan. 11 Purchase 156 units at $7 each

Jan. 13 Sale 128 units at $9 each

Jan. 20 Purchase 155 units at $7 each

Jan. 27 Sale 95units at $10 each

Vaughn uses the FIFO cost flow assumption. All purchases and sales are on account.

1) Assume Vaughn uses a periodic system. Prepare 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 112 units.

2) Compute gross profit using the periodic system.

3) Assume Vaughn uses a perpetual system. Prepare necessary journal entries.

4) Compute gross profit using the perpetual system.

Reference no: EM132514053

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