Bramble Company sells one product. Presented below is information for January for Bramble Company.

Jan. 1		Inventory		114	units at $5 each
4		Sale		89	units at $8 each
11		Purchase		156	units at $7 each
13		Sale		126	units at $9 each
20		Purchase		158	units at $7 each
27		Sale		103	units at $11 each

Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

1. 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2. Compute gross profit using the periodic system.

3.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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

4. Compute gross profit using the perpetual system.