4 Waterway Company sells one product. Presented below is information for January for Waterway Company Jan 1 Inventory 119 units at $4 each Sale 98 units at $8 each Purchase 141 units at $6 each 13 Sale 111 units at $9 each Purchase 160 units at $6 each 27 Sale 95 units at $11 each 11 20 Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Waterway 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 116 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit > eTextbook and Media Compute gross profit using the periodic system. Gross profit $ eTextbook and Media Assume Waterway uses a perpetual system. Prepare all necessary journal entries. (if no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to O decimal places, eg. 6,578.) Net price $ eTextbook and Media 4 Waterway Company sells one product. Presented below is information for January for Waterway Company Jan 1 Inventory 119 units at $4 each Sale 98 units at $8 each Purchase 141 units at $6 each 13 Sale 111 units at $9 each Purchase 160 units at $6 each 27 Sale 95 units at $11 each 11 20 Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Waterway 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 116 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit > eTextbook and Media Compute gross profit using the periodic system. Gross profit $ eTextbook and Media Assume Waterway uses a perpetual system. Prepare all necessary journal entries. (if no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to O decimal places, eg. 6,578.) Net price $ eTextbook and Media