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problem: Fong Sai-Yuk firm sells one product. Given below is information for January for Fong Sai-Yuk firm.

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 buys and sales are on account.

Instructions;
[A] Suppose Fong Sai-Yuk uses periodic system. Make all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that ending inventory for January is 110 units.
[B] find out gross profit using the periodic system.
[C] Suppose Fong Sai-Yuk uses a perpetual system. Make all necessary journal entries.
[D] find out gross profit using perpetual system.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922713

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