Whispering Company sells one product. Presented below is information for January for Whispering Company, Jan. 1 11 Inventory 111 units at $ each Sale 90 units at $ each Purchase 159 units at $ 6 each Sale 130 units at $ 9 each Purchase 149 units at $ 7 each Sale 85 units at $ 11 each 13 20 27 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.) Date Account Titles and Explanation Debit Credit lan 4 Accounts Receivable 720 Sales Revenue 720 lan 112 Purchases 9541 Accounts Payable 954 an 13 Accounts Receivable 1170 Sales Revenue 1170 Ian. 20 Purchase 10:13 Accounts Payable 1043 lan 27 Accounts Receivable 935 Silles Rovenue 935 Jan 31 798 costof Goods sold 2754 Cost of Goods sold 1754 Purce 1997 Inventory 55 Attempts: unlimited (6) Your answer is correct Compute gross profit using the periodic system Gross profit 1021 Attempts: unlimited (c) Assume Whispering uses a perpetual system. Prepare all necessary journal entries. (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.) 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) Save for Later Attempts: unlimited Submit