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

The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?

Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.

Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1   Inventory   113 units at $4 each 4   Sale   92 units at $8 each 11   Purchase   141 units at $6 each 13   Sale   112 units at $9 each 20   Purchase   154 units at $7 each 27   Sale   93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland 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 111 units Compute gross profit using the periodic system.     Assume Sunland 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. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Compute gross profit using the…

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Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…

Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.

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 each 4   Sale   80 units at $8 each 11   Purchase   150 units at $6 each 13   Sale   120 units at $8.75 each 20   Purchase   160 units at $7 each 27   Sale   100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. (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. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 138 units 250 units 220 units 608 units @ $8 @ $8

The following three identical units of Item A are purchased during April: Item A Units Cost $ 68 Apr. Purchase 1 Purchase 14 1 73 28 Purchase 75 1 Total $216 3 $ 72 ($216 + 3 units) Average cost per unit Assume that one unit is sold on April 30 for $118. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.