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Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 103 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 | 103 | units at $5 each | ||
| 4 | Sale | 79 | units at $8 each | ||
| 11 | Purchase | 148 | units at $7 each | ||
| 13 | Sale | 114 | units at $9 each | ||
| 20 | Purchase | 164 | units at $7 each | ||
| 27 | Sale | 102 | units at $10 each |
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 120 units.
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