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

Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 125 units at $4 each 104 units at $8 each 158 units at $6 each 130 units at $9 each 149 units at $6 each 87 units at $11 each Novak uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Novak 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. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Compute gross profit using the periodic system. Gross profits SHOW LIST OF ACCOUNTS LINK TO TEXT Assume Novak uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profits Click if you would like to Show Work for this question: Open Show Work