Exercise 8-9 Cheyenne Company sells one product. Presented below is information for January for Cheyenne Company. Jan. Inventory 103units $5each 4 Sale 20 Purdhase 27 Sale 167 units at $7 each 108 units at 11 eadh Cheyenne uses the FIFO cost flow assumption. All purchases and sales are on account. Your answer is partially correct. Try again. Assume Cheyenne 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 113 units. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent [x]Your answer is incorrect. Try again. Compute gross profit using the periodic system. Gress profe Your answer is partially correct. Try again. Assume Cheyenne uses a perpetual system. Prepare all necessary journal entries. (If no entry is required select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Te odde sak Payable of Goods Sold an 20 Payable of Goods Sold Your answer is incorrect. Try again. Compute gross profit using the perpetual system Gress proft Click if you would like to Show Work for this question: Oe Show Work