Exercise 8-9 (Part Level Submission) Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 4 Sale Purchase 13 Sale 20 Purchase 27 Sale 115 units at $5 each 91 units at $8 each 156 units at $7 each 128 units at $9 each 155 units at $7 each 95 units at $10 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. Try again. Assume Waterway 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 112 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 728 Sales Revenue 728 Jan. 4 v Cost of Goods Sold 455 Inventory 4551 Jan. 11 Inventory 1092 Accounts Payable 1092 Jan. 13 V Accounts Receivable 1152 Sales Revenue 1152 Jan. 13 Cost of Goods Sold 848 Inventory 848 Jan. 31 Inventory 950 Accounts Payable 950 Cost of Goods Sold 650 Inventory 650 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) ( 10 TELUIU U SLUI HVEHLUTY) (To record the sale) (To record the cost of inventory) SHOW LIST OF ACCOUNTS Compute gross profit using the perpetual system. Gross profits Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT