Q2. FSU Company sells one product. Presented below is information for January for FSU Company. FSU uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions a. Assume FSU uses a periodic system. Prepare all necessary journal entries, including the end-ofmonth closing entry to record cost of goods sold. A physical count at January 31 has been taken. Physical count of ending inventory for January 110 units b. Compute gross profit using the periodic system. c. Assume FSU uses a perpetual system. Prepare all necessary journal entries. d. Compute gross profit using the perpetual system