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) Date Account Titles and Explanation Accounts Rece Debit Jan Credit 712 Sen Date Account Titles and Explanation Debit Credit v lan 4 Accounts Receivable 712 Sales Revenue 712 Tan. 11 Purchases 1092 Accounts Payable 2092 Jan. 13 Accounts Receivable 1134 Sales Revenue 1134 Ian 20 Purchases 1106 Accounts Payable 1106 Jan 27 Accounts Receivable 1133 Sales Revenue 1133 Jan 31 Inventory 270 Cost of Goods Sold 1998 Purchases 2198 Inventory 570 Attempts: 101 (b) Your answer is correct. Compute gross profit using the periodic system. Gross profit 981 e Textbook and Media List of Accounts Attempts: 2 of 3 used c) Assume Bramble uses a perpetual system Prepare all necessary fouma entries. 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 Credit 3 7 2 3 4 % 5 6 & 7 8 Q W E R. . Y S D F G H 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 for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation (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) (To record the sale) (To record the cost of Inventory