Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 119 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 160 units at $6 each 27 Sale 95 units at $11 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. Your answer is partially correct. Assume Waterway 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 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.) Date Account Titles and Explanation Jan. 4 Accounts Receivable Jan. 11 Jan. 13 Sales Revenue Purchases Accounts Payable Accounts Receivable Sales Revenue Debit 784 846 999 Credit 784 846 999 Jan. 20 Purchases Jan. 27 Accounts Payable Accounts Receivable Sales Revenue Jan. 31 Inventory Cost of Goods Sold Purchases Inventory 960 1045 1586 1045 960 1045 1586 1045 Compute gross profit using the periodic system. Gross profit $