Instructions:

a) Assume Concord Company 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 115 units.

b) Compute gross profit using the periodic system.

c) Assume Concord Company uses a perpetual system. Prepare all necessary journal entries.

d) Compute gross profit using the perpetual system.

Concord Company sells one product. Presented below is information for January for Concord Company. Concord uses the FIFO cost flow assumption. All purchases and sales are on account