E7.9 (LO 3) Excel (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 4 100 units at $5 each 80 units at $8 each 150 units at $6 each 11 13 120 units at $8.75 each 20 160 units at $7 each 27 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. Inventory Sale Purchase Sale Purchase Sale 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.

E7.9 (LO 3) Excel (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Fong Sal-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 Sal-Yuk uses a perpetual system. Prepare all necessary journal entries. d. Compute gross profit using the perpetual system