Sandhill Company sells one product. Presented below is information for January for Sandhill Company. Nov. 1 Inventory 350 units at $9 each 5 Purchase 180 units at $10 each 10 Sale 430 units at $17 each 15 Purchase 430 units at $9.50 each 21 Sale 480 units at $18 each 30 Purchase 340 units at $9.80 each Sandhill uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sandhill 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 November is 390 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 5 Purchases 1800 Accounts Payable 1800 Nov. 10 Accounts Receivable 7310 Sales Revenue 7310 Nov. 15 Purchases 4085 Accounts Payable 4085 Nov. 21 Accounts Receivable 8640 Sales Revenue 8640 Nov. 30 Purchases 3332 Accounts Payable 3332 ov. 30 Inventory 3807 Cost of Goods Sold 8560 ov. 30 Inventory 3807 Cost of Goods Sold 8560 Purchases 9217 Inventory 3150 Compute gross profit using the periodic system. Gross profit LA $