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Pass Journal entries under perpetual, periodic inventory System.

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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.

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