a.) Assume Concord 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 115.

b.) Calculate the gross profit using the periodic system.

c.) Assume Concord uses a perpetual system. Prepare all necessary journal entries.

d.) Compute the gross profit using a perpetual system.

Concord Company sells one product. Presented below is information for January for Concord Company. Jan. 1 Inventory 105 units at $4 each 4 Sale 83 units at $8 each 11 Purchase 162 units at $7 each 13 Sale 132 units at $9 each 20 Purchase 160 units at $7 each 27 Sale 97 units at $10 each Concord uses the FIFO cost flow assumption. All purchases and sales are on account