Fong Sai-Yuk Company sells one product. Presented below is information for Janua

Question

Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Jan 4 A/R 832

Sales Rev. 832

Cost of Goos Sold ?

Inventory ?

Jan 13 A/R 1053

Sales Rev 1053

Cost of Goods Sold ?

Inventory ?

Jan 27 A/R 990

Sales Revenue 990

Cost of Good Sold ?

Inventory ?

Please help with the question marks.

Jan. 1 Inventory 126 units at $5 each 4 Sale 104 units at $8 each 11 Purchase 151 units at $7 each 13 Sale 117 units at $9 each 20 Purchase 162 units at $6 each 27 Sale 99 units at $10 each

Explanation / Answer

Jan-04 Debit A/R 832 Credit Sales revenue 832 Debit cost of goods sold 520 104*5 Credit Inventory 520 Jan-13 Debit A/R 1053 Credit Sales revenue 1053 Debit cost of goods sold 775 ((126-104)*5)+((117-(126-104))*7 Credit Inventory 775 Jan-27 Debit A/R 990 Credit Sales revenue 990 Debit cost of goods sold 650 (151-(117-(126-104)))*7+((99-(151-(117-(126-104))))*6) Credit Inventory 650

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