2 Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk 3 Company. 4 5 Dates 6 Jan. Transaction Inventory 7 Sale 8 11 Purchase 9 13 Sale 10 01 20 Purchase 27 Sale 11 12 100 units at $5 each 80 units at $8 each 150 units at $6 each 120 units at $8.75 each 160 units at $7 each 13 Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 100 units at $9 each 14 c) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. Date Accounts Compute gross profit using the perpetual system. Debit Credit