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

1. Assume Concord 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 115 units. (If no entry is required, select No)

1a. Compute gross profit using the periodic system

2. Assume Concord uses a perpetual system. Prepare all necessary journal entries.

2a. Compute gross profit using the perpetual system

Concord Company sells one product. Presented below is information for January for Concord Company. Concord uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Concord 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 115 units. (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. List all debit entries before credit entries.) Compute gross profit using the periodic system. Gross profit \$ Assume Concord uses a perpetual system. Prepare all necessary joumal entries. (If no entry is required, select "No entry" for the arrount titles and enter O for the amounte. Credit arrount titlec are autamaticallv indented when amnunt is entered. Do not indent Compute gross profit using the perpetual system