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.

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