Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Jan. 1 Inventory 103 units at $5 each
Jan 4 Sale 79 units at $8 each
Jan 11 Purchase 148 units at $7 each
Jan 13 Sale 114 units at $9 each
Jan 20 Purchase 164 units at $7 each
Jan 27 Sale 102 units at $10 each
Assume Fong Sai-Yuk 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 120 units.

Periodic inventory System:

At december 31, 2016, pina corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,810 shares $10,781,000 common stock, $5 par, 4,026,000 shares 20,130,000 during 2017, pina did not issue any additional common stock. the following also occurred during 2017. income from continuing operations before taxes $21,950,000 discontinued operations (loss before taxes) $3,505,000 preferred dividends declared $1,078,100 common dividends declared $2,300,000 effective tax rate 35 % compute earnings per share data as it should appear in the 2017 income statement of pina corporation