Carla Vista Company sells one product. Presented below is information for January for Carla Vista Company.

Nov. 1		Inventory		260	units at $8 each
5		Purchase		170	units at $9 each
10		Sale		350	units at $18 each
15		Purchase		350	units at $8.50 each
21		Sale		380	units at $19 each
30		Purchase		400	units at $8.80 each

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

Assume Carla Vista uses a perpetual system. 1. 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. Record journal entries in the order presented in the problem.)

2.Compute Gross Profit using the perpetual System.