chippewas company sells one product presented below is information for january for t 491447

Chippewas Company sells one product. Presented below is information for January for the 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. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Date Description/Account Debit Credit

Jan. 4

Jan. 11

Jan. 13

Jan. 20

Jan. 27

Jan. 31

(b) Compute gross profit using the periodic system.

$

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

Date Description/Account Debit Credit

Jan. 4

Inventory

Jan. 11

Jan. 13 Accounts receivable

Jan. 20

Jan. 27 Accounts receivable

(d) Compute gross profit using the perpetual system.

$