Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 100 units at $5 each 80 units at $8 each 150 units at $6 each 120 units at $8.75 each 160 units at $7 each 100 units at $9 each 13 20 27 Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Fong Sai-Yuk 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 110 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 Cash 640 Sales Revenue 640 Jan. 11 Purchases 900 Cash 900 Jan. 13 v Cash 1050 Sales Revenue 1050 Jan. 20 V Purchases 1120 Cash 1120 Jan. 27 V Cash 900 Sales Revenue 900 Jan. 31 V Inventory 660 Cost of Goods Sold 2590 Inventory 500 Purchases 2020 Compute gross profit using the periodic system. Gross profit $ SHOW LIST OF ACCOUNTS LINK TO TEXT 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 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 (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profit