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

Jan. 1		Inventory		110	units at $5 each
4		Sale		87	units at $8 each
11		Purchase		156	units at $6 each
13		Sale		126	units at $9 each
20		Purchase		155	units at $6 each
27		Sale		99	units at $10 each

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

(a)

Assume Metlock 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 109 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount

B)

(b) Compute the gross profit using the periodic system.
	Text Title					Amount
	Text Title					Amount
	Text Title					Formula

(c) Assume Metlock Company uses a perpetual system. Prepare all necessary journal entries.
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount
	Account Title				Amount
	Account Title					Amount

(d) Compute the gross profit using the perpetual system.
	Text Title					Amount
	Text Title					Amount
	Text Title					Formul