Swifty Company sells one product. Presented below is information for January for Swifty Company. Jan. 1 4 11 13 20 27 Inventory 103 units at $5 each 82 units at $8 each 135 units at $7 each 102 units at $9 each 167 units at $7 each 108 units at $11 each Sale Purchase Sale Purchase Sale Swifty uses the FIFO cost flow assumption. All purchases and sales are on account.

Swifty Company sells one product. Presented below is information for January for Swifty Company. Swifty uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Swifty uses a periodic system. Prepare all necessaryjournal 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 113 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, List all debit entries before credit entries.) Compute gross profit using the periodic system. Gross profit