Splish Company sells one product. Presented below is information for January for Splish Company. Jan. 1 Inventory 124 units at $4 each 4 Sale 100 units at $8 each 11 Purchase 162 units at $7 each 13 Sale 134 units at $9 each 20 Purchase 151 units at $7 each 27 Sale 96 units at $11 each Splish uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Splish 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 107 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.) Jan. 4 Date Account Titles and Explanation Accounts Receivable Sales Revenue Jan. 11 Purchases Jan. 13 (b) Accounts Payable Accounts Receivable Sales Revenue Jan. 20 Purchases Accounts Payable Debit 800 1134 1206 1057 Jan. 27 Accounts Receivable 1056 Sales Revenue Jan. 31 Inventory 749 1938 Cost of Goods Sold eTextbook and Media List of Accounts Purchases Inventory Your answer is correct. Compute gross profit using the periodic system. Gross profit $ eTextbook and Media List of Accounts 1124 Cred Attempts: 1 of 3 used Attempts: 1 of 3 used