Oriole Company sells one product. Presented below is information for January for Oriole Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 120 units at $5 each 96 units at $8 each 141 units at $7 each 113 units at $9 each 160 units at $7 each 104 units at $11 each Oriole uses the FIFO cost flow assumption. All purchases and sales are on account - Your answer is partially correct, Assume Oriole 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 108 units. (if no entry is required, select "No entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 76B Sales Revenue 768 Jan. 11 - Purchases 937 Accounts Payable 987 Jan 13 Accounts Receivable 1017 Sales Revenue 1017 Jan,20 Purchases 1120 Accounts Payable 1120 Jan. 27 Accounts Receivable 1144 Sales Revenue 1144 Jan. 31 Inventory 756 Cost of Goods Sold 951 Purchases 1107 Inventory 600 e Textbook and Media List of Accounts * Your answer is incorrect. Compute gross profit using the periodic system. Gross profit $ 1175 e Textbook and Media List of Accounts Assume Oriole uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 " Accounts Receivable 768 Sales Revenue 1 768 (To record the sale) Cost of Goods Sold 480 Inventory 480 (To record the cost of inventory) Jan. 11 Inventory 987 Accounts Payable 1 987 Jan. 13 Accounts Receivable 1017 Sales Revenue 2017 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan. 13 Inventory Accounts Payable Jan. 27 Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profit $ e Textbook and Media List of Accounts