(Answered) E8-9 periodic versus perpetual entriesnbspfong sai-yuk

Accounting

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.

(d) Compute the gross profit using the perpetual system.

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