Pass journal entries under perpetual periodic inventory

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Reference no: EM13356645

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: EM13356645

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