Whispering Company sells one product. Presented below is information for January for Whispering Company, Jan. 1 Inventory 111 units at $ 5 each 4 Sale 11 Purchase 13 Sale 90 units at $8 each 159 units at $ 6 each 130 units at $ 9 each 149 units at $ 7 each 85 units at $ 11 each 20 Purchase 27 Sale Whispering uses the FIFO cost flow assumption. All purchases and sales are on account (a) Your answer is correct Assume Whispering 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 114 units. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) i land Accounts Receivabla 720 Sales Revenue 720 lan 11 Purchases 954 Accounts Payable 954 lan 13 Accounts Receivable 1170 Sales Revenue 1170 lan 20 Purchases 1043 Accounts Payable 1045 lan 27 Accounts Recevable 935 Sales Revenue 935 Jan 31 Inventor 798 Cost of Goods Sold 1754 Purchases 1997 Cost of Goods Sold 1754 Purchases 1997 Inventory 55 Attempts: unlimited (b) Compute gross profit using the periodic system, Gross profit $ Save for Later Attempts: unlimited Submit