Do not answer (b) just answer a, c and d.

E8.9 (LO 3) Excel (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one prod- uct. 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 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. c. Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. d. Compute gross profit using the perpetual system