Shin company sells one product presented below is

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Reference no: EM13392565

Shin Company sells one product. Presented below is information for January for Shin Company.

Jan. 1 Inventory 300 units at $10 each

4 Sale 240 units at $16 each

11 Purchase 450 units at $12 each

13 Sale 360 units at $17.50 each

20 Purchase 480 units at $14 each

27 Sale 300 units at $18 each

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

Instructions

(a) Assume Shin uses a periodic system. Prepare all necessary journal entries, including the end-ofmonth closing entry to record cost o goods sold. A physical count indicates that the ending inventory for January is 330 units.

(b) Compute gross profit using the periodic system.

(d) Compute gross profit using the perpetual system.

Reference no: EM13392565

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