Splish Company sells one product. Presented below is information for January for Splish Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 124 units at $4 each 100 units at $8 each 162 units at $7 each 134 units at $9 each 151 units at $7 each 96 units at $11 each Splish uses the FIFO cost flow assumption. All purchases and sales are on account. 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 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 SHOW LIST OF ACCOUNTS Compute gross profit using the periodic system. Gross profit SHOW LIST OF ACCOUNTS Assume Splish uses a perpetual system. Prepare all necessary journal entries. (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.) Date Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profit $