Exercise 8-09 Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each 13 20 27 Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Bonita 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Compute gross profit using the periodic system. Gross profit $ Assume Bonita 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 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