Current Attempt in Progress Wildhorse Company sells one product. Presented below is information for January for Wildhorse Company. Wildhorse uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Wildhorse 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. List all debit entries before credit entries.) Question 17 of 20 0.5/1 (To record the sale) (To record the cost of inventory) Accounts Payable Jan.27 Accounts Receivable Sales Revenue Purchases Inventory (b) Your answer is correct. Compute gross profit using the periodic system. 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 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.)