Fong sai-yuk company sells one product. presented below is

Art, Music, and Creative Writing homework help
October 10, 2021
List software operating systems and applications for each device and their costs. Sum up the cost for both hardware and software for each employee, and then calculate the average monthly costs to maintain these systems. I
October 10, 2021

Fong sai-yuk company sells one product. presented below is

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.
 
 
Instructions
(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.

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