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

Jan.	1	Inventory	300 units at $10 each
	4	Sale	240 units at $16 each
	11	Purchase	450 units at $12 each
	13	Sale	360 units at $17.50 each
	20	Purchase	480 units at $14 each
	27	Sale	300 units at $18 each

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

Instructions

Assume Shin 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 330 units.

Compute gross profit using the periodic system.

Assume Shin uses a perpetual system. Prepare all necessary journal entries.

Compute gross profit using the periodic system.