Bonita Compary sells one product. Presented below is information for January for Bonita Company Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. Aswume Bonita 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 irventory for January is 110 units, (If no entry is required, select "No entry" for the account titles and enter 0 for the anounts. Credit account titles are automaticolly indented when amount is entered Do not indent manually List all debit entries before credit entries) Compute gross profit using the periodic system. Gross profit Assuine Bonita uses a perpetual sytem. Prepare all necessary iournal entries. (ff no entry as rtquilred, jelect "Wo entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amoent b entered, Do nor indent monualix List all debit entries before credit entries. Date Account ritles and Explanation in,4 Accounts Rece(rable (To record the sale) (To record the cost of inventory) an.11 Ienuntory Accounts Parable 3n.13 Accounts Receivable Saler Revenue (To record the sale) art13V Cost of Coods Sold Inventory (To record the cost of inventory) Imentery Accounts Payable in 27 Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of irventory)