Exercise 8-9 (Part Level Submission) (a) Date Account Titles and Explanation Deb

Question

Exercise 8-9 (Part Level Submission)

(a)

Date

Account Titles and Explanation

Debit

Credit

Jan. 4

Jan. 11

Jan. 13

Jan. 20

Jan. 27

Jan. 31

Exercise 8-9 (Part Level Submission)

Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
Jan. 1 Inventory 113 units at $4 each 4 Sale 91 units at $8 each 11 Purchase 153 units at $6 each 13 Sale 119 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 104 units at $10 each
Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.

Explanation / Answer

Date Account titles and explanation Debit Credit Jan 4 Cost of goods sold 364 Inventory 364 Jan 11 Inventory 918 cash 918 Jan 13 Cost of goods sold 668 Inventory 668 Jan 20 Inventory 1169 Cash 1169 Jan 27 Cost of goods sold 671 Inventory 671

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