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

Jan. 1		Inventory		117	units at $5 each
4		Sale		96	units at $8 each
11		Purchase		150	units at $7 each
13		Sale		116	units at $9 each
20		Purchase		166	units at $7 each
27		Sale		102	units at $10 each

a)Assume Chippewas 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 119 units.

(b) Compute gross profit using the periodic system. $ (c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. Date Description/Account Debit Credit Jan. 4 Inventory Jan. 11 Jan. 13 Accounts receivable Jan. 20 Jan. 27 Accounts receivable (d) Compute gross profit using the perpetual system.