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Assume chippewas uses a perpetual system

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Reference no: EM131114060

1. Periodic versus Perpetual Entries Chippewas Company sells one product. Presented below is information for January for Chippewas Company.

Jan. 1 Inventory 100 units at $6 each 4 Sale 80 units at $8 each
11 Purchase 150 units at $6.50 each
13 Sale 120 units at $8.75 each
20 Purchase 160 units at $7 each
27 Sale 100 units at $9 each

Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.

(a) Assume Chippewas 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 Chippewas uses a perpetual system. Prepare all necessary journal entries.

(d) Compute gross profit using the perpetual system. 

Reference no: EM131114060

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