Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble 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 110 units. (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) Account Titles and Explanation Debit Credit Date 712 in4 v Accounts Receivable 712 Sales Revenue 1092 an. 11 Purchases 1092 Accounts Payable Accounts Receivable Sale Assume Bramble uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts . Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Accounts Receivable 712 Jan 4 712 Sales Revenue (To record the sale) 445 Cost of Goods Sold 445 Inventory (To record the cost of inventory) 1092 Jan. 11 Inventory 1092 Accounts Payable 1134 Jan 13 V Accounts Receivable 1134 Sales Revenue (To record the sale) Cost of Goods Sold 832 832 Inventory (To record the cost of inventory) 20 (d) Compute gross profit using the perpetual system. Gross profit $