Ivanhoe Company sells one product. Presented below is information for January for Ivanhoe Company. Nov. 1 Inventory 250 units at $10 each 5 Purchase 160 units at $11 each 10 Sale 310 units at $16 each 15 Purchase 310 units at $10.50 each 21 Sale 360 units at $17 each 30 Purchase 390 units at $10.80 each Ivanhoe uses the FIFO cost flow assumption. All purchases and sales are on account. Your answer is partially correct. Assume Ivanhoe 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 endi inventory for November is 440 units. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov.5 Purchases 1,760 Accounts Payable 1,760 Nov. 10 Accounts Receivable 4,960 Sales Revenue 4,960 Nov. 15 Purchases 3,255 Accounts Payable 3,255 Nov. 21 Accounts Receivable 6,120 Sales Revenue 6,120 Nov. 30 Purchases 4,212 Accounts Payable 4,212 Nov. 30 Inventory 4,752 Cost of Goods Sold 6,975 Cost of Goods Sold 6,975 Purchases 9.227 Inventory 2,500 e Textbook and Media List of Accounts X Your answer is incorrect. Compute gross profit using the periodic system. Gross profit $ 4,105 e Textbook and Media List of Accounts Your answer is partially correct. Assume Ivanhoe uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 Accounts Receivable Sales Revenue Nov. 1 Accounts Receivable Sales Revenue e Textbook and Media List of Accounts X Your answer is incorrect. Compute gross profit using the perpetual system. Gross profit $