Question
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 126 units at $5 each 4
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
Jan. 1 | Inventory | 126 | units at $5 each | ||
4 | Sale | 104 | units at $8 each | ||
11 | Purchase | 151 | units at $7 each | ||
13 | Sale | 117 | units at $9 each | ||
20 | Purchase | 162 | units at $6 each | ||
27 | Sale | 99 | units at $10 each |
Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan 4 A/R 832
Sales Rev. 832
Cost of Goos Sold ?
Inventory ?
Jan 13 A/R 1053
Sales Rev 1053
Cost of Goods Sold ?
Inventory ?
Jan 27 A/R 990
Sales Revenue 990
Cost of Good Sold ?
Inventory ?
Please help with the question marks.
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