Crane Company sells one product. Presented below is information for January for Crane Company. Jan. 1 Inventory 101 units at $4 each 4 Sale 80 units at $8 each 11 Purchase 144 units at $6 each 13 Sale 111 units at $9 each 222 20 Purchase 156 units at $7 each. 27 Sale 100 units at $11 each Crane uses the FIFO cost flow assumption. All purchases and sales are on account. 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 January is 110 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.) Date Account Titles and Explanation Jan. 4 Accounts Receivable Sales Revenue Jan. 11: Purchases Debit 640 864 Accounts Payable I Accounts Payable Jan. 13 # Accounts Receivable 999 Sales Revenue Jan. 20 Purchases 1092 Accounts Payable Jan 27 Accounts Receivable. 1100 Sales Revenue Credit 640 864 999 1092 1100 Jan 20 Accounts Payable Jan. 27 Accounts Receivable. 1100 Sales Revenue 1590 Jan. 31: Cost of Goods Sold Purchases 770 1092 1100 404 1956 Compute gross profit using the periodic system. Gross profit $ 1149 Assume Crane uses a perpetual system. Prepare all necessary journal entries. (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.) Date Account Titles and Explanation (To record the sale) (To record the cost of inventory) (To record the sale) Debit Credit (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profit $