Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Jan. 1 Inventory 108 units at $4 each

4 Sale 86 units at $8 each

11 Purchase 147 units at $7 each

13 Sale 116 units at $9 each

20 Purchase 169 units at $6 each

27 Sale 108 units at $10 each

Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.

1. Compute gross profit using the periodic system. (Round answer to 0 decimal places, e.g. 6,578.)

2. Assume Fong Sai-Yuk 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. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

3. Compute gross profit using the perpetual system. (Round answer to 0 decimal places, e.g. 6,578.)