Skysong Company sells one product. Presented below is information for January for Skysong Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 106 units at $5 each 85 units at $8 each 155 units at $7 each 128 units at $9 each 173 units at $7 each 116 units at $11 each Skysong uses the FIFO cost flow assumption. All purchases and sales are on account. - Your answer is partially correct. Assume Skysong 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 105 units. (If no entry is required, select "No entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 4 Accounts Receivable 680 Sales Revenue 680 Jan. 11 Purchases 1085 Accounts Payable 1085 | Jan. 13 v Accounts Receivable 1152 Sales Revenue 1152 Jan. 20 Purchases Accounts Payable Jan 27 Accounts Receivable Sales Revenue 1276 Jan 31 1 Inventory 530 Cost of Goods Sold 2016 Inventory 1155 Purchases 1391 X Your answer is incorrect. Compute gross profit using the periodic system. Gross profit $ 1092 e Textbook and Media List of Accounts Assume Skysong uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 680 Sales Revenue 680 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan. 11 Inventory 1085 Accounts Payable 1085 Jan. 13 Accounts Receivable 1152 Sales Revenue 1152 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan. 20 Inventory Accounts Payable 1211 Jan. 27 Accounts Receivable 1276 1276 Sales Revenue (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) X Your answer is incorrect. Compute gross profit using the perpetual system. Gross profit $