Crane Company sells one product. Presented below is information for January for Crane Company. 300 units at $12 each Nov. 1 Inventory 5 Purchase 190 units at $13 each 430 units at $20 each 10 Sale 430 units at $12.50 each 15 Purchase 440 units at $21 each 21 Sale 350 units at $12.80 each 30 Purchase Crane uses the FIFO cost flow assumption. All purchases and sales are on account Compute gross profit using the periodic system. Gross profit $ 7035 Compute gross profit using the perpetual system. Gross profit $ 7035 Assume Crane 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 November is 400 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered, Do not indent manually Record iournal entries in the oude crcented in the