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Problem - Periodic versus Perpetual Entries

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Problem - 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

Jan. 4 Sale 80 units at $8 each

Jan. 11 Purchase 150 units at $6.50 each

Jan. 13 Sale 120 units at $8.75 each

Jan. 20 Purchase 160 units at $7 each

Jan. 27 Sale 100 units at $9 each

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

Required -

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: EM132473121

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