Blue Company sells one product. Presented below is information for January for Blue Company ms Jan 1 Inventory 122 units at $4 each 4 Sale 101 units at $8 each 11 Purchase 164 units at $6 each 13 Sale 132 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 106 units at $10 each Blue uses the FIFO cost flow assumption All purchases and sales are on account. Assume Blue 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. Of 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 Cred w > Compute gross profit using the periodic system, x Gross profit $ e Textbook and Media List of Accounts les and enter for the amounts Credit accounty Indented when consenteret. Do not de Debit Credit Date Account Thies and Explanation (To record the sale) (To record the cost of inventory) > (To record the sale Compute gross profit using the perpetual system. Gross profit $