CL Company sells one product. Presented below is information for January for CL Company. Jan. 1 Inventory 4 Sale 11 Purchase 100 units at $6 each 80 units at $8 each 150 units at $6.50 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $7 each 100 units at $9 each 27 Sale CL uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions (a) Assume CL 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. (b) Compute gross profit using the periodic system. (c) Assume CL uses a perpetual system. Prepare all necessary journal entries. (d) Compute gross profit using the perpetual system.