E8-9 (LO3) EXCEL (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is infor mation for January for Fong Sai-Yuk Company. 100 units at $5 each 80 units at $8 each 150 units at $6 each 120 units at $8.75 each 160 units at $7 each 100 units at $9 each Jan. 1 Inventory 4 Sale 13 Sale 27 Sale Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. 11 Purchase 20 Purchase Instructions (a) Assume Fong Sai-Yuk 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 Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries d) Compute gross profit using the perpetual system