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1- Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. 2- Compute gross profit using the perpetual system. Exercise 8-9 Fong Sai-Yuk

1- Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.

2- Compute gross profit using the perpetual system.
Exercise 8-9 Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. 121 units at $4 each 99 units at $8 each 151 units at $7 each 120 units at $9 each 170 units at $7 each 109 units at $10 each Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account

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