Novak Company sells one product. Presented below is information for January for Novak 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 Novak uses the FIFO cost flow assumption. All purchases and sales are on account. Accounts Receivable Sales Revenue Inventory Accounts Payable Accounts Receivable Sales Revenue Purchases Accounts Payable Accounts Receivable Sales Revenue Accounts Receivable Sales Revenue Inventory 2:27 PM x Your answer is incorrect. Compute gross profit using the periodic system. Gross profit $ e Textbook and Media List of Accounts