Part 1: Assume Kingbird 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 115 units. Compute gross profit using the periodic system.

Part 2: Assume Kingbird uses a perpetual system. Prepare all necessary journal entries. Compute gross profit using the perpetual system.

Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Kingbird uses the FIFO cost flow assumption. All purchases and sales are on account