E8.8 (LO 2, 3) (Periodic versus Perpetual Entries) Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1 Inventory 100 units at $6 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6.50 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $ each 27 Sale 100 units at $9 each Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions a. Assume Chippewas 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. b. Compute gross profit using the periodic system. c. Assume Chippewas uses a perpetual system. Prepare all necessary journal entries. d. Compute gross profit using the perpetual system