Chippewas company sells one product. Presented below is information for January for Chippewas company.

Jan. 1 inventory 100 units at $6 each

Jan. 4 sale 80 units at $8 each

Jan 11 purchase 150 units at $6.50 each

Jan 13 sale 120 units at $8.75 each

Jan 20 purchase 160 units at $7 each

Jan 27 sale 100 units at $9 each

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

A. Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including the end month closing entry, to record cost of good sold. A physical count indicates that the ending inventory for January is 110 units

B. Compute gross profit using the periodic system

C. Assume Chippewas uses a perpetual system. Prepare all necessary journal entries

D. Compute gross profit using the perpetual system