Business, 19.01.2021 19:00, benallyadam2067
Daily Assignment 2 (1/13/2020) You can either answer the problems directly on this document or use other paper. Scan and submit your answers on Canvas by 8 AM on Wednesday, January gih
Problem 1: Periodic vs. Perpetual Inventory Beaver Company only sells one product and uses FIFO. All purchases and sales are made on account, Below is information for January for this one product: 1 Inventory 100 units at $5 each Jan. 80 units at $8 cach 4 Sale 150 units at $6 each Purchase 11 120 units at $8.75 each 13 Sale 20 Purchase 160 units at $7 each 100 units at $9 each 27 Sale
Instructions:
1. Assume that Beaver uses the periodic system, and the end of period ending inventory for January is 110 units.
a. Prepare all necessary journal entries to record the transactions above including end-of-month closing entry to record cost of goods sold.
b. Calculate gross profit.
2. Now assume that Beaver uses the perpetual system.
a. Now prepare all necessary journal entries.
b. Calculate gross profit.
Answers: 3
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