Calculate Gross Profit using Periodic System, Calculate Gross Profit using Perpetual method

Calculate Gross Profit using Periodic SystemCalculate Gross Profit using Perpetual method

Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 118 units at $5 each 93 units at $8 each 165 units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. - Your answer is partially correct. Assume Wildhorse uses a periodic systern. 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 113 units.( select "No entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 ) Accounts Receivable 744 Sales Revenue 744 Jan. 110 Purchases 990 Accounts Payable 990 Jan. 13 Accounts Receivable 1224 Sales Revenue 1224 Purchases Accounts Payable 1141 Jan. 27 Accounts Receivable Sales Revenue 1144 Jan. 31 Inventory 990 Cost of Goods Sold 1144 Purchases 990 Inventory 1144 Assume Wildhorse uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles manually.) Date Account Titles and Explanation Debit Credit Jan. 4 4 Accounts Receivable 744 Sales Revenue 744 (To record the sale) Cost of Goods Sold 590 Inventory 590 (To record the cost of inventory) Inventory 990 Accounts Payable 990 Jan. 13 Accounts Receivable 1224 Sales Revenue 1224 (To record the sale) Cost of Goods Sold 1224 Inventory 990 (To record the cost of inventory) Jan. 20 Inventory 1141 Accounts Payable 1141 Jan. 27 Accounts Receivable 1144 Sales Revenue 1144 (To record the sale) Cost of Goods Sold 400 400 Inventory 400 (To record the cost of inventory)