Exercise 8-09 Whispering Company sells one product. Presented below is information for January for Whispering Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 111 units at $5 each 90 units at $8 each 159 units at $6 each 130 units at $9 each 149 units at $7 each 85 units at $11 each Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering 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 114 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 Jan. 4 Accounts Receivable 720 Sales Revenue 720 Jan. 11 Purchases 954 Accounts Payable 954 Jan. 13 Accounts Receivable 1170 Sales Revenue 1170 Jan. 13 Accounts Receivable 1170 Sales Revenue 1170 Jan. 20 Purchases 1043 Accounts Payable 1043 Jan. 27 Accounts Receivable 935 Sales Revenue 935 Jan. 31 Inventory 684 Cost of Goods Sold 1268 Purchases 1397 Inventory 555 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute gross profit using the periodic system. Gross profits 1557 CALCULA Jan. 20 Inventory 1043 Accounts Payable 1043 Jan. 27 Accounts Receivable Sales Revenue 935 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) SHOW LIST OF ACCOUNTS LINK TO TEXT Compute gross profit using the perpetual system. Gross profits Click if you would like to Show Work for this question: Open Show Work