Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Tamarisk 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 116 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. Compute gross profit using the periodic system. Gross profit Assume Tamarisk uses a perpetual system. Prepare all necessary journal entries. Of no entry is required, select "No entry" for the occount tities and enter Ofor the amounts. Credit occount titles ore outomuticollvindented when amount is entered. Do not indent