Week 2 Intermediate accounting II Exercise 8-9 Wiley Part level Submission

Hi Can you help me (Compute gross profit using the periodic system)? Thank you

Gross profit

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Exercise 8-9 (Part Level Submission) Pharoah Company sells one product. Presented below is information for January for Pharoah Company. Inventory 121 units at $4 each Sale 100 units at $8 each 11 Purchase 159 units at $6 each 13 Sale 126 units at $9 each 20 Purchase 175 units at $7 each 27 Sale 114 units at $11 each Jan. 1 4 Pharoah uses the FIFO cost flow assumption. All purchases and sales are on account. Don't show me this message again for the assignment (a) Your answer is correct. Assume Pharoah uses a periodic system. Prepare all necessary journal entries, including the endof-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 115 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit EAT_1450672803 Accounts Rec Jan. 4 800 Credit Sales Revenu 800 EAT_1450672803 Purchases 954 Jan. 11 Accounts Pay 954 EAT_1450672803 Accounts Rec 1134 Jan. 13 Sales Revenu 1134 EAT_1450672803 Purchases 1225 Jan. 20 Accounts Pay EAT_1450672803 1225 Accounts Rec 1254 Jan. 27 Sales Revenu Jan. 31 Inventory Cost of Goods 1254 805 1858 Purchases 2179 Inventory 484 Don't show me this message again for the assignment Show List of Accounts Show Solution Show Answer Link to Text Attempts: 3 of 3 used (b) Compute gross profit using the periodic system. $ Gross profit Don't show me this message again for the assignment Show List of Accounts Link to Text