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help with part d pleaseExercise 8-9 (Part Level Submission) Cheyenne Company sells one product. Presented below is information for January for Cheyenne Company Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale 118 units at $5 each 93 units at $8 each 165 units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each Purchase Purchase Cheyenne uses the FIFO cost flow assumption. All purchases and sales are on account. (a Your answer is correct. Assume Cheyenne 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 113 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 Credit Jan. 4 Accounts Receivable 744 Sales Revenue 744 Jan. 11 Purchases 990 Accounts Payable 990 Jan. 13 Accounts Receivable 1224 Sales Revenue 1224 Jan. 20 Purchases 1141 Accounts Payable 1141 Jan. 27Accounts Receivable 1144 Sales Revenue 1144 Jan. 31 Inventory 791 Cost of Goods Sold 1930 Purchases 2131

Inventory 590 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT ▼ (b) 回Your answer is correct. Compute gross profit using the periodic system. Gross profit 1182 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT

Assume Cheyenne uses a perpetual system. Prepare all necessary journal entries. (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 Credit Jan. 4 Accounts Receivable 744 Sales Revenue 744 To record the sale) Cost of Goods Sold 465 Inventory 465 (To record the cost of inventory) an. 11 Inventory 990 Accounts Payable 990 Jan. 13 Accounts Receivable 1224 Sales Revenue 1224

(To record the sale) 791 Cost of Goods Sold 791 Inventory To record the cost of inventory) 1141 Jan. 20Inventony 1141 Accounts Payable 1144 an. 27 Accounts Receivable 1144 Sales Revenue To record the sale) Cost of Goods Sold 674 674 Inventory To record the cost of inventory)

Compute gross profit using the perpetual system. Gross profit

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Gross Profit: S1,182 Working Notes: Sales Revenue $744+$1,224+$1,144 $3,112 Cost of Goods Sold $465+ $791+ $674 $1,930 Gross Profit Sales - Cost of Goods sold - $3,112 - $1,930-$1,182

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