5 E8-9 (Periodic versus Perpetual Entries) Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 100 units at $6 each 80 units at $8 each 150 units at $6.50 each 120 units at $8.75 each 160 units at $7 each 100 units at $9 each Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions (a) Assume Chippewas 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 end ing inventory for January is 110 units. (b) Compute gross profit using the periodic system (c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. (d) Compute gross profit using the perpetual system