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Compute the gross profit using the periodic system

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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. Instructins(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.

Reference no: EM13999254

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