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

Nov.1Inventory270units at $9each5Purchase190units at $10each10Sale390units at $16each15Purchase390units at $9.50each21Sale410units at $17each30Purchase370units at $9.80each

Sunlanduses the FIFO cost flow assumption. All purchases and sales are on account.

AssumeSunlanduses 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 November is420units.(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.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

Nov. 1

Nov. 5

Nov. 10

Nov. 15

Nov. 21

Nov. 30

Compute gross profit using the periodic system.

Gross profit$

enter the gross profit in dollars

AssumeSunlanduses a perpetual system.

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.)

Date

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Nov. 1

Nov. 5

Nov. 10

Nov. 15

Nov. 21

Nov. 30

enter an account title

Compute gross profit using the perpetual system.

Gross profit$

enter the gross profit in dollars