Fong sai-yuk company sells one product. presented below is

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E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan 1 Inventory 100 units at $5.00 each Jan 4 Sale 80 units at $8.00 each Jan 11 Purchase 150 units at $6.00 each Jan 13 Sale 120 units at $8.75 each Jan 20 Purchase 160 units at $7.00 each Jan 27 Sale 100 units at $9.00 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 the gross profit using the periodic system. (c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. (d) Compute the gross profit using the perpetual system.

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