Question

I need to know how to analyze the following information for Periodic

inventory verses perpetual inventory using the information below I am stuck. I am having trouble comin up with the answer to the different scenerios. Please help me to understand using FIFO, Assume using Periodic system show me how to calculate journal entries end of month closing entries, cost of goods sold entry and the physical count I came up with is 110 units. Also show me how to calculate gross profit using periodic system. Also show me how to compare using the perpetual system to calculate the end f the month entries, the cost of goods sold entry and compute the gross profit using the perpetual system
Jan 1 Inventory was 100 units at $6 each
Jan 4th sale of 80 units at $8 each
Jan 11th Purchase 150 units at 6.50 each
Jan 13 sale of 120 units at 8.75 each
Jan 20th purchase 160 units at 7 each
Jan 27th sale of 100 units at 9 each

I need to know how to analyze the following information for Periodic inventory verses perpetual inventory using the information below I am stuck. I...
Get unstuck

338,976 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses