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

Jan. 1		Inventory		102	units at $5 each
4		Sale		81	units at $8 each
11		Purchase		158	units at $6 each
13		Sale		126	units at $9 each
20		Purchase		152	units at $6 each
27		Sale		98	units at $10 each

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

Assume Nash 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 107 units.

Compute gross profit using the periodic system.

Assume Nash uses a perpetual system. Prepare all necessary journal entries.

Compute gross profit using the perpetual system.