periodic and perpetual

racebook ORION Downloadable eTextbook ment Exercise 8-9 Sage Company sells one product. Presented below is information for January for Sage Company Jan. 1 Inventory 121 units at 54 each 4 Sale 100 units at 58 each 11 Purchase 159 units at $ each 13 Sale 126 units at $9 each 20 Purchase 175 units at $ each 27 sale 114 units at $11 each Sage uses the FIFO cost flow assumption. All purchases and sales are on account Assume Sage uses a periodic system. Prepare all necessary journal anties, including the end of math closing an try to record cost of ending inventory for January is 115 units. If no entry is required, Sect"No entry for the automatically indented when u seated Do not indentaly) Date Debit Credit Account Titles and Explanation Accounts Roonivable 100 3an Sales Revenue 80 Jan 1 . Purchases Accounts Payable son is accounts Receivable n of P 2 000-2015 W as Inc. All Rights Reserved. A SHOW LIST OF ACCOUNTS LINK TO TEXT Compute gross profit using the periodic system. Gross profit SHOW LIST OF ACCOUNTS LINK TO TEXT Assume Sage uses a perpetual system. Prepare all necessary journal en Credit account titles are automatically indented when amount is Date Account Titles and Explanation (To record the sale)