Ivanhoe Company sells one product. Presented below is information for January for Ivanhoe Company.

Jan. 1		Inventory		125	units at $4 each
4		Sale		104	units at $8 each
11		Purchase		158	units at $6 each
13		Sale		130	units at $9 each
20		Purchase		149	units at $6 each
27		Sale		87	units at $11 each

Ivanhoe uses the FIFO cost flow assumption. All purchases and sales are on account.

1. 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 ending inventory for January is 111 units.

2. Compute gross profit using the periodic system.

3.Assume Ivanhoe uses a perpetual system. Prepare all necessary journal entries.

4. Compute gross profit using the perpetual system.