(Answered) Question - periodic versus perpetual entrieschippewas

Accounting

Question - Periodic versus Perpetual Entries

Chippewas Company sells one product. Presented below is information for January for the Chippewas Company.

Jan. 1 Inventory 100 units at $6 each

4 Sale 80 units at $8 each

11 Purchase 150 units at $6.50 each

13 Sale 120 units at $8.75 each

20 Purchase 160 units at $7 each

27 Sale 100 units at $9 each

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

(a) Assume Chippewas 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 gross profit using the periodic system.

(d) Compute gross profit using the perpetual system.

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