4 Sake EX. (LO 2, 3) (Periodic versus Perpetual Entries)Chippewa Company sellsone product. Presented below is information for Jay for Chippewa Company Jant. Inventory 100 units at Socach 80 unitat 8 each 11 Purchase 150 units 56.50 each 13 Sale 120 units 58.75 each 20 Phase 160 units at S7 each 22 Sale 100 units 59 each Chipped..... All purchases and sales are on account Instructions a. Assume Chippewas uses a periodic system. Prepare all necessary joumal entries, including the end of month closing entry to record cost of good old. A physical count indicates that the ending inventory for January 110 unite b. Compute gross profit using the periodic system c. Assume Chippewa tiesa perpetual system. Prepare all necessary journal entries d. Compote gross profit using the perpetual system 1. Use the following table to fill out the 6 calculations. (GP: Gross Profit) PERPETUAL FIFO COGS: EI: GP: COGS: EI: GP: LIFO COGS: EI: GP: COGS: EI: GP: AVG COGS EI: GP: COGS: EI: GP: PERIODIC 2. Make all the relevant entries in comparison form for both inventory systems. PERPETUAL PERIODIC Jan. 4 11 13 20 27