Exercise 8-9 Cheyenne Company sells one product. Presented below is information for January for Cheyenne Company. Cheyenne uses the FIFO cost flow assumption All purchases and sales are on account Assume Cheyenne uses a periodic system. Prepare all necessary journal entries, including the end-of-month dlosing 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 tities are automatically indented when amount is entered. Do not indent manually) Compute gross profit using the periodic system. Assume Cheyenne uses a perpetual system. Prepare all necessary journal entries. (2f no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatcally indented when amount is entered. Do not indent manually) Compute gross profit using the perpetual system Exercise 8-9 Cheyenne Company sells one product. Presented below is information for January for Cheyenne Company. Cheyenne uses the FIFO cost flow assumption All purchases and sales are on account Assume Cheyenne uses a periodic system. Prepare all necessary journal entries, including the end-of-month dlosing 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 tities are automatically indented when amount is entered. Do not indent manually) Compute gross profit using the periodic system. Assume Cheyenne uses a perpetual system. Prepare all necessary journal entries. (2f no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatcally indented when amount is entered. Do not indent manually) Compute gross profit using the perpetual system