Current Attempt in Progress Oriole Company sells one product. Presented below is information for January for Oriole Company Jan. 1 Inventory 120 units at $5 each 4 Sale 96 units at $8 each 11 Purchase 141 units at $7 each 13 Sale 113 units at $9 each 20 Purchase 160 units at $ each 27 Sale 104 units at $11 each Oriole uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Oriole 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 108 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 - Accounts Receivable 768 Assume Oriole uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost goods sold. A physical count indicates that the ending inventory for January is 108 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 768 Sales Revenue 768 Jan. 11 Purchases 987 Accounts Payable 987 Jan 13 Accounts Receivable 1017 Sales Revenue 1017 Jan 20 Purchases 1120 Accounts Payable 1120 Accounts Payable 987 Jan. 13 Accounts Receivable 1017 Sales Revenue 1017 Jan. 20 Purchases 1120 Accounts Payable 1120 Jan. 27 Accounts Receivable 1144 Sales Revenue 1144 Jan. 31 Inventory 756 Cost of Goods Sold 951 Purchases 1107 Inventory 600 Compute gross profit using the periodic system. $ Gross profit Assume Oriole uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) (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 $