Compute gross profit using the periodic system

Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 118 units at $5 each 93 units at $8 each 165 units at S6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. - Your answer is partially correct. Assume Wildhorse 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 113 un Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date Jan. 4 9 Accounts Receivable Sales Revenue Jan. 119 Purchases Accounts Payable Jan 13 Accounts Receivable 1224 Sales Revenue 1224 Dan. 20 11411 Purchases Accounts Payable 1141 Jan. 27 Accounts Receivable 1144 Sales Revenue 1144 Jan. 31 Inventory 990 Cost of Goods Sold 1144 Purchases Inventory 1144 Wilcharse Company sellsone product Presented below is Information for January for Wildhorse Company Jan 1 Inventory Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 118 units al 55 each 93 units at S9 each 165 units at $cach 136 units at 59 each 163 units at $ each 104 units at $11 cach Wichorse uses the FIFO costro assumption. All purchases and sales are on account Your answer is partially correct. resume Wildhorse uses a periodic system. Prepare all necessary oumal 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 113 units. If no entry is required, select No entry for the account tities and enter for the amounts. Credit cartities are automatically indented when amount is endered Donec incent manually Account Titles and Explanation Debit Credit Date Jan. 4 Accounts Receivable Sales Revenue 744 Jan. 11 ) Inventory Accounts Payable Jan. 13 4 Accounts Receivable Sales Revenue Jan. 20 ) Costaf Goods Sold Inventory Jan. 27 Inventory Cost of Goods Sold Jan. 314 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory