Using the table from Exercise 8-9 calculate the Cost of Goods Sold and Ending Inventory in both units and dollars under the following assumptions: Periodic FIFO and Periodic LIFO

1 E8.9 (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. Inventory 100 units at $5 each 4 Sale 80 units at $8 each Purchase 150 units at $6 each 13 Sale 120 units at $8.75 each Purchase 160 units at $7 each 27 Sale 100 units at $9 each 11 20 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