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

Jan. 1		Inventory		130	units at $5 each
4		Sale		106	units at $8 each
11		Purchase		151	units at $7 each
13		Sale		116	units at $9 each
20		Purchase		163	units at $7 each
27		Sale		100	units at $11 each

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

a.) 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 122 units.

b.) Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.

c.) Compute gross profit using the perpetual system.