Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 Inventory 109 units at $4 each 4 Sale 85 units at $8 each 11 Purchase 137 units at $7 each 13 Sale 109 units at $9 each 20 Purchase 151 units at $7 each 27 Sale 93 units at $11 each Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Bonita uses a periodic system. Prepare all necessaryjournal 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 110 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 6B0 Sales Revenue 6B0 Jan 11 Purchases 959 Accounts Payable 959 Jan 13 V Accounts Receivable 981 Sales Revenue 981 Jan. 20 Purchases 1057 Accounts Payable 1057 Jan. 27 Accounts Receivable 1023 Sales Revenue 1023 Jan. 31 Inventory 770 Cost of Goods Sold 1662 Inventory 2016 Purchases 436 Compute gross profit using the periodic system. Gross profit $ Assume Bonita 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) Compute gross profit using the perpetual system. Gross profit $