(11). Hakim Company sells one product. Presented below is information for January for Hakim Company. Jan. 1 Inventory 100 units at $5 each 4Sale 11Purchase 13Sale 20Purchase 80 units at $8 each 150 units at $6 each 120 units at $8.75 each 160 units at $7 each 27Sale 100 units at $9 each Hakim uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions (a). Assume Hakim 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 110 units. (b). Compute gross profit using the periodic system. (2 marks) (0.5 mark)