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shin company sells one product presented below is information for january for shin c 4242514

Shin Company sells one product. Presented below is information for January for Shin Company.Jan. 1 Inventory ….. 300 units at $10 each4 Sale ……… 240 units at $16 each11 Purchase …….. 450 units at $12 each13 Sale ………. 360 units at $17.50 each20 Purchase ……… 480 units at $14 each27 Sale ………. 300 units at $18 eachShin 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-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 330 units.(b) Compute gross profit using the periodic system.(c) Assume Shin uses a perpetual system. Prepare all necessary journal entries.(d) Compute gross profit using the perpetual system.View Solution:
Shin Company sells one product Presented below is information f

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