Sheridan Company sells one product. Presented below is information for January for Sheridan Company.

Jan. 1		Inventory		107	units at $5 each
4		Sale		84	units at $8 each
11		Purchase		146	units at $6 each
13		Sale		118	units at $9 each
20		Purchase		153	units at $7 each
27		Sale		89	units at $10 each

Sheridan uses the FIFO cost flow assumption. All purchases and sales are on account.

a.) Assume Sheridan 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.

b.) Compute gross profit using the periodic system.

c.) Assume Sheridan uses a perpetual system. Prepare all necessary journal entries.

d.) Compute gross profit using the perpetual system.